As Bitcoin hovers above $109,000, a new wave of Bitcoin treasury companies is capturing investor attention. These companies, modeled after the well-known strategy of accumulating Bitcoin as a primary corporate asset, are reshaping how markets evaluate digital asset exposure. Among the growing list, Trump Media (DJT) and Semler Scientific (SMLR) stand out for an unexpected reason — they might be the cheapest ways to gain Bitcoin exposure.
The Rise of Bitcoin Treasury Companies
A Bitcoin treasury company focuses its business model largely on accumulating and holding Bitcoin. With the surge in institutional and retail interest in digital assets, these companies are emerging as investment vehicles for indirect Bitcoin ownership.
However, comparing their values isn’t as simple as it seems.
Why mNAV Is Not Enough
One of the most commonly used metrics is market-value-to-net-asset-value (mNAV), which shows how much investors are willing to pay for a company’s Bitcoin holdings. An mNAV above 1.0 suggests a premium; below 1.0, a discount.
But mNAV alone is insufficient. It fails to capture the full picture, especially in companies that also have underlying operating businesses, liabilities, or other assets.
The Equity Premium to NAV: A Better Indicator
A more nuanced metric is the Equity Premium to NAV, which evaluates how much higher or lower a company’s market capitalization is compared to its net asset value (NAV), including:
- Bitcoin holdings
- Cash reserves
- Non-Bitcoin enterprise value
- Debt and other liabilities
This gives investors insight into whether a stock is overvalued or undervalued relative to its Bitcoin exposure and business fundamentals.
Trump Media and Semler Scientific Stand Out
Despite both having mNAV ratios above 1.1, Trump Media (DJT) and Semler Scientific (SMLR) show negative equity premiums to NAV — at -16% and -10%, respectively. This indicates they are trading at a discount, potentially offering cheaper Bitcoin exposure than peers.
In contrast, other companies with similar strategies are trading at higher premiums, making DJT and SMLR standout value opportunities for investors seeking exposure to Bitcoin through equities.
Final Thoughts
As Bitcoin-linked equities gain popularity, investors should look beyond surface-level metrics. Equity Premium to NAV provides deeper insights into true valuation. Currently, Trump Media and Semler Scientific may offer the most efficient entry points into the Bitcoin treasury ecosystem.