Viant's Stock Drops 50% in February, Semler Urges Bitcoin Strategy

Viant Technology, an ad tech company, could potentially unlock significant shareholder value by adopting a bitcoin treasury strategy, according to Eric Semler, the chairman of Semler Scientific. Semler Scientific, a scientific-equipment maker, has also adopted a bitcoin-buying policy. Viant Technology is part of a list of companies that Semler refers to as being in the “Zombie Zone,” which includes companies with untapped capital and a need to rethink their strategic direction.

Semler highlighted Viant’s stock performance as a key indicator of investor skepticism toward the company’s long-term growth prospects. The shares are down 44% since the company's 2021 IPO and slumped 50% in February alone. Despite this, Viant maintains a strong financial foundation, including $205 million in net cash — about 25% of its $900 million market cap — and $34 million in free cash flow in 2024, with expectations for steady growth through 2028.

Viant faces intensifying competition from tech giants and the commoditization of demand-side platforms. Chris Vanderhook, one of the three brothers that founded the company, has publicly expressed enthusiasm for decentralized technologies, referencing crypto, blockchain, and NFTs as core to a “New Open Web” vision.

Semler sees bitcoin as a strategic pivot, urging Viant to follow the treasury path of Strategy and Semler Scientific to reignite investor interest. According to Semler, Viant holds $205 million in net cash, but has yet to deploy it meaningfully despite strong free cash flow and profitability.