Eric Semler Urges Viant Technology to Adopt Bitcoin Treasury Strategy Amid Stock Disruption
Eric Semler, the chairman of Semler Scientific (SMLR), is calling on Viant Technology (DSP) to adopt a Bitcoin (BTC) treasury strategy, arguing that the move could unlock significant shareholder value for the struggling ad tech firm.
In a piece published in X, Semler cited Viant’s lagging stock performance and large cash reserves as signs that the company is “ripe” for a bold strategic shift. Viant’s stock has fallen 44% since its 2021 IPO, with a 50% drop in February alone raising investors’ concerns about its long-term growth trajectory.
Despite the market pessimism, Viant remains financially healthy. The company holds $205 million in net cash, about 25% of its $900 million market cap, generated $34 million in free cash flow in 2024, and projects steady growth through at least 2028.
Semler, who led Semler Scientific’s recent move to Bitcoin as a treasury asset, labeled Viant, along with Zoom Communications (ZOOM) and Coursera (COUR), as part of what he calls the “Zombie Zone”: companies with untapped capital and unclear strategic direction. Neither Zoom nor Coursera have heeded his previous calls for Bitcoin adoption.
Viant, founded by the Vanderhook brothers, has already shown interest in the crypto space. Co-founder Chris Vanderhook has previously supported decentralized technologies, citing blockchain, NFTs, and crypto as critical to what he calls the “New Open Web.”
Viant also faces increasing competitive pressure from industry giants like Google and Amazon, who continue to consolidate their power in the digital advertising ecosystem. Meanwhile, the commoditization of demand-side platforms has further challenged mid-market players like Viant.
Semler argues that a move into Bitcoin could help differentiate Viant from its competitors and provide a hedge against inflation and monetary instability.
*This is not investment advice.