Semler Scientific Adds More BTC To Its Balance Sheet

In what appears to be a move inspired by MicroStrategy's treasury playbook, Semler Scientific has acquired an additional 83 BTC worth $ 5 million

Nasdaq-listed Semler Scientific (NASDAQ: SMLR) has purchased an additional 83 bitcoin (CRYPTO: BTC) as part of a broader strategy to hold the premier cryptocurrency in its treasury asset portfolio.

Semler Scientific now holds 1,012 bitcoin, purchased for $68 million.

What Happened: The latest purchase of 83 BTC by Semler Scientific, including fees and transaction expenses, brings the total bitcoin holdings to 1,012 BTC, as stated in a recent filing with the Securities and Exchange Commission.

"We recently purchased additional bitcoins using primarily cash from operations as well as capital raised through our at-the-market equity program," Eric Semler, chairman of Semler Scientific, said in the filing.

"We are encouraged by the growing institutional adoption of bitcoin. It was recently reported that for the first time, institutions own more than 20% of bitcoin ETF assets under management. We believe this increasing institutionalization will drive value for both bitcoin prices and for our stockholders."

For the uninitiated, Semler Scientific first added bitcoin to its balance sheet in May 2024 when it purchased 654 BTC for $40 million. At the time, the company stated that it views the largest cryptocurrency by market cap as its primary treasury asset.

In June 2024, Semler Scientific made another purchase of 247 BTC, investing $17 million in the leading digital asset. The same month, the company announced its plans to raise $150 million to increase its BTC reserve.

Moreover, the firm added another 101 BTC, worth $6 million, to its inflating BTC reserve earlier this month. The latest purchase further cements Semler Scientific's trust in BTC as a long-term asset for its treasury.

However, bitcoin's price has not seen any immediate volatility since the latest purchase was made public.

See More: Best Cryptocurrency Apps

Don't Miss: 5 Things To Know About Semler Scientific's Bitcoin Treasury Playbook

Institutions Continue To Build BTC Holdings: As of March 2023, 29 S&P 1500 companies are known to hold bitcoin in their corporate treasuries, collectively owning 320,873 BTC, according to data from CoinGecko.

The list is led by MicroStrategy (NASDAQ: MSTR), which owns over 225,000 BTC, valued at more than $14 billion.

This list includes companies like Galaxy Digital Holdings (NYSE: GLXY), Tesla (NASDAQ: TSLA), and Coinbase (NASDAQ: COIN). Together, these 29 companies own more than 1.6% of all BTC in existence.

Institutions are quickly realizing the potential of bitcoin as a reliable asset to hedge against inflation.

According to major Wall Street players like Goldman Sachs (NYSE: GS), this trend is expected to continue.

Furthermore, the approval of Bitcoin-based exchange-traded-funds (ETFs) in recent months has essentially put regulatory approval on the top digital asset.

The positive effects of approving a crypto-based ETF have trickled down to other leading digital currencies.

For instance, the world's fifth-largest cryptocurrency by market cap, Solana (CRYPTO: SOL), has piqued institutional interest in recent months.

Similarly, despite the less-than-ideal market conditions, Ethereum-based ETFs in the US have seen a strong demand in recent months, attracting around $98 million in inflows.

Since the beginning of 2024, bitcoin ETFs have earned almost $18 billion.

However, despite the overwhelming success of such ETFs, some institutional investors remain hesitant, believing that the interest is largely driven by retail investors.

With the changing macro-outlook spurred by the US Federal Reserve's long-awaited interest rate cuts beginning in September 2024, there could be renewed institutional interest in the orange coin.

The above is the detailed content of Semler Scientific Adds More BTC To Its Balance Sheet. For more information, please follow other related articles on the PHP Chinese website!