Semler Scientific Bolsters Bitcoin Holdings with Additional $5M BTC Purchase

Semler Scientific, a publicly traded medical technology company, has added more Bitcoin to its portfolio, demonstrating its confidence in the crypto asset. In a recent disclosure, the firm announced it had purchased an additional $5 million worth of Bitcoin, bringing its total stash to 1,012 BTC.

The firm adopted a Bitcoin treasury strategy in May, following other public companies like MicroStrategy. Since then, it has continuously acquired the leading crypto asset, citing it as a “compelling investment.”

Semler Scientific Purchases 83 BTC

A Monday press release revealed that the California-based healthcare technology company specializing in chronic disease management solutions brought 83 BTC worth $5 million.

This latest purchase brings the company’s total Bitcoin holdings to 1,012 BTC at a cumulative cost of $68 million, including fees and expenses.

Furthermore, Semler Scientific’s chairman, Eric Semler, explained that the acquisition was primarily funded through cash generated from the firm’s operations and supplemented by funds from its at-the-market equity program. He added:

“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.”

Semler Scientific’s Bitcoin Adventure 

Semler Scientific’s initial foray into the Bitcoin ecosystem occurred in May when the company adopted Bitcoin as a primary treasury reserve asset. The company marked this move with an initial purchase of 581 bitcoins for roughly $40 million.

Since then, the firm has continued its buying spree, purchasing an additional 296 BTC on two occasions for a sum of $20 million in June. On August 5, the company acquired more Bitcoin worth $6 million.

Overall, Semler Scientific’s move to bolster its Bitcoin holdings positions the healthcare provider to benefit from the anticipated long-term growth in Bitcoin’s value, driven by rising demand and limited supply.

Additionally, this move reflects a broader shift in the corporate world, where companies increasingly view Bitcoin as a strategic asset. Bitcoin traded at $63,200 at press time, representing a 1.41% decline in the last 24 hours.