Bitcoin Exposure Whitch SMLRSemler Scientific, Inc.BATS:SMLRSimeonNikolaev-investAnalysis: Which Company Offers Better "Bitcoin Exposure"? Let's look at how many Bitcoins you get for every $1 million invested (based on market price as of December 25, 2025): Semler Scientific (SMLR): With a market cap of $270 million and 5,048 BTC, you get about 18.7 BTC for every $1 million in market value. Bottom line: SMLR is trading at a significant discount to its NAV. The market values the company at a lower price than the Bitcoin it owns. MicroStrategy (MSTR): With a market cap of ~$45 billion and 671,268 BTC, you get about 14.9 BTC for every $1 million in market value. Bottom line: MSTR often trades at a "premium" (above the value of its Bitcoin) because investors are paying for the software business and Michael Saylor's ability to raise capital cheaply. Key Differences Growth Dynamics: Semler has a higher BTC Yield (31.3%), meaning they should be able to grow the amount of Bitcoin per share faster than MicroStrategy in 2025. Risk Profile: SMLR is a much smaller company (Small-cap) and is suffering from a decline in its core medical business. MSTR, on the other hand, has a solid software business that, while small compared to Bitcoin assets, provides greater institutional security. Dilution: Both companies use ATM programs (stock sales) to buy BTC. However, Semler's dilution is more aggressive relative to the total number of shares outstanding. Conclusion: If you are looking for a cheaper entry into Bitcoin assets through a public company, Semler Scientific appears to be more fundamentally undervalued (trading below its net asset value). However, MicroStrategy remains the "gold standard" for institutions due to its liquidity and longer history of executing this strategy.