比特币策略并非万能药?Semler Scientific今年股价已跌近50%

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Gate News bot 消息,企业采用比特币策略似乎并非万能灵药——尽管医疗科技公司Semler Scientific (SMLR)已转向比特币财务战略,但其股价在2025年下跌了近50%,几乎回到了一年多前刚开始增持比特币时的水平。

该公司的市盈率与其净资产价值 (NAV) 的比率(通常称为mNAV倍数)已降至1倍以下。根据Strategy-Tracker的数据,按基本股数计算,其市值约为4.2亿美元,而其持有的比特币价值约为4.91亿美元(4,449 BTC),其净资产价值比率仅为0.859倍。

由于Semler增持比特币的主要机制是通过出售股票来筹集资金,因此mNAV低于1.0至关重要。然而,要使股票出售策略能够增值股东权益,股票交易价格必须高于公司持有的比特币价值。如果股价等于或低于NAV,发行新股将稀释现有股东的权益,而不会按比例增加价值,从而实际上阻碍了公司在当前策略下进一步增持比特币的能力。

然而,Fundstrat 研究主管、比特币多头 Tom Lee 认为,Semler Scientific 是其公司“Granny shot”研究组合中的一个机会选项。

消息来源:CoinDesk

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