Trump Media and Semler Scientific Could Be Cheapest Bitcoin Treasury Companies by This Metric

A tsunami of new bitcoin BTC treasury companies — firms that almost exclusively dedicate themselves to accumulating bitcoin — is flooding the market.Since all of them are more or less following Strategy’s (MSTR) playbook, questions are rising about the best ways to value them, and compare them to each other.“The most important metric for a bitcoin treasury is the premium it trades at relative to its underlying net assets, including any operating company,” Greg Cipolaro, global head of research at bitcoin financial firm NYDIG, wrote in a June 6 report.On the surface, that means adding up the company’s bitcoin, cash and enterprise value excluding the bitcoin stuff, and subtracting obligations such as debt and preferred stock source: https://www.coindesk.com/markets/2025/06/09/trump-media-and-semler-scientific-could-be-cheapest-bitcoin-treasury-companies-by-this-metric