Semler pointed to his firm’s own Bitcoin strategy, which has seen Semler Scientific accumulate 3,192 BTC worth US$305 million.
That decision helped double the company’s stock price since last year, he noted in a post on X.
Labeling Zoom a “Zombie Zone” company, Semler highlighted its underwhelming market performance. Over the past three years, Zoom shares have dropped about 40%, underperforming the S&P 500 by roughly 73%.
Looking back five years, the company has lagged the index by 84%. Despite Zoom’s forward earnings multiple of 15x and EBITDA multiple of 9x, Semler argued that weak growth has kept its valuation depressed.
With US$7.7 billion in cash—nearly one-third of its US$25 billion market cap—Zoom has yet to outline a clear deployment strategy.
The company maintains strong profitability, generating US$458 million in cash last quarter with EBITDA margins around 40%, yet its revenue growth outlook remains sluggish, projected in the low single digits.
Semler believes a Bitcoin treasury strategy could reposition Zoom as a major corporate BTC holder, leveraging its US$2 billion in annualized free cash flow and access to low-cost debt.
He also emphasized that Zoom’s founder and CEO, Eric Yuan, holds the power to execute such a shift due to his super-voting shares, though Yuan has not publicly addressed Bitcoin.
