Semler Scientific Buys $3M Worth of Bitcoin After Strong Quarter

Publicly traded medical technology company Semler Scientific has added more Bitcoin to its portfolio, upholding its treasury strategy and increasing its stash to 1,058 BTC.

Semler Scientific Increases BTC Stash

The firm announced its latest Bitcoin purchase in a press release accompanying its third-quarter earnings. Semler bought 47 BTC for $3 million since its most previous acquisition disclosure in late August.

The company has spent $71 million on BTC purchases, which are worth about $71.8 million based on bitcoin’s current price of $67,500.

Commenting on the acquisition, Semler Scientific’s chairman, Eric Semler, said:

“We are capitalizing on the opportunity to maximize stakeholder value by accumulating bitcoin. We plan to continue to purchase Bitcoin with cash from operations and with cash proceeds from our sales under our ATM program. In addition, we are exploring additional financing opportunities that will enable us to acquire even more bitcoin.”

Besides Semler’s Bitcoin purchase, the company’s financial results from the last quarter show that its revenue declined by 17% to $13.5 million from $16.3 million in Q3 2023. Income from operations also decreases by 20% to $5.1 million from $6.3 million.

However, net income increased 2% from $5.5 million to $5.6 million. The company currently has an unrealized gain of about $1.1 million from Bitcoin holdings.

“We are pleased to report strong performance from our healthcare business with income from operations of $5.1 million in the third quarter. We remain laser focused on acquiring and holding bitcoin, while supporting innovation and growth in our healthcare business,” Doug Murphy-Chutorian, the company’s CEO and managing director, stated.

Semler’s Bitcoin Strategy

Semler Scientific first announced the adoption of Bitcoin as its primary treasury reserve asset in May. Eric Semler lauded the cryptocurrency as digital gold, highlighting its potential to generate outsize returns. At that time, the company scooped 581 BTC for $40 million.

Since then, the firm has consistently added its Bitcoin stash. The latest purchase reaffirms Semler Scientific’s trust in BTC as a long-term asset for its treasury.

Moreover, it reflects a broader shift in the corporate world, where companies increasingly demonstrate their confidence in pioneering cryptocurrency’s long-term growth and potential.