Semler Scientific Escalates Bitcoin Acquisition Strategy, Bringing Total Holdings to 929 BTC

Semler Scientific, Inc. (Nasdaq: SMLR), a leading medical technology company, announced it has escalated its Bitcoin acquisition strategy

Semler Scientific, Inc. (Nasdaq: SMLR), a medical technology company, announced on Monday that it has purchased $6 million worth of Bitcoin, bringing its total cryptocurrency holdings to 929 BTC, valued at about $63 million.

The recent purchase is part of a broader Bitcoin treasury strategy that Semler began implementing in May 2024, following in the footsteps of MicroStrategy.

Since adopting this Bitcoin-focused investment plan, Semler has been actively expanding its digital asset portfolio. On May 28, the company acquired 581 BTC for $40 million, followed by an additional purchase of 247 BTC for $17 million on June 6, and 49 BTC for $3 million on June 28.

Semler’s chairman, Eric Semler, highlighted the company’s commitment to Bitcoin, stating, “We continue to firmly believe that Bitcoin is a compelling investment and plan to acquire additional Bitcoins with our cash from operations.”

In addition to cash from operations, Semler also plans to use cash generated from the sale of securities under a $150 million shelf registration statement, to be effective, to further increase its Bitcoin holdings.

The medical technology company's strategic pivot towards Bitcoin is inspired by MicroStrategy, which has now amassed over 220,000 BTC since 2020, a move that has reportedly enhanced the company’s enterprise value.

Other tech and financial service companies that have added Bitcoin to their balance sheets include Tesla, Block, and Mercado Bitcoin, contributing to a trend where over 50 public companies now hold Bitcoin.

This surge in corporate Bitcoin adoption is driven by the cryptocurrency’s network effects and strategic game theory, encouraging more firms to consider Bitcoin as a viable reserve asset to maintain competitive parity.

In the second quarter of 2024, alongside its Bitcoin purchases, Semler reported financial results showing a revenue of $14.5 million, a 22% decrease from the previous year. The company also faced a notable decrease in pre-tax net income, affected by a negative $5.1 million change in the fair value of its Bitcoin holdings.

Despite these challenges, Semler remains optimistic about its financial health and the strategic integration of Bitcoin into its treasury operations. “We are very encouraged by the strong positive reaction to our recent announcement of a Bitcoin treasury strategy,” Eric Semler remarked.

The approach aims to enhance shareholder value by aligning Semler’s robust financial base with innovative investment strategies, signaling a significant shift in the company’s asset management philosophy.

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