Semler Scientific (SMLR) is now trading at a premium to its bitcoin BTC holdings for the first time in three weeks, a signal the company may soon buy more of the largest cryptocurrency by market value.

The premium, measured by the multiple net asset value (mNAV), is 1.149, the first time it's been above parity since June 5. The metric compares the company’s market cap, currently $550 million, to the value of its bitcoin holdings, $477.8 million. It has become a popular way of gauging whether a company is trading at a premium or discount to its bitcoin assets.

The move matters because, historically, Semler has added to its bitcoin position only when it's been able to buy more BTC without issuing new shares at a discount, thereby avoiding a reduction in existing shareholders’ ownership value. It hasn't bought any since June 3 and its current holding of 4,449 BTC leaves it well short of its year-end target of at least 10,000 coins.

Still, the mNav level suggests investors are valuing the 15th-largest bitcoin treasury company only slightly above its bitcoin holdings. That's not enough to fully account for the value of its operating business, implying they may be pricing in the bitcoin upside while discounting or overlooking the contribution of Semler's health care and biotech activities.

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