Semler Scientific Purchases More Bitcoin for $6M, Now Holds $63M in BTC

Bitcoin-friendly healthcare technology provider, Semler Scientific, has purchased additional bitcoins (BTC), bolstering its treasury strategy and increasing its stash to 929 BTC.

According to a press release outlining its Q2 2024 financial results, Semler bought 101 BTC for an aggregate amount of $6 million between June and August. The company noted the bitcoins in its treasury strategy were purchased for $63 million.

Semler Scientific’s chairman, Eric Semler, said:

“We are very encouraged by the strong positive reaction to our recent announcement of a bitcoin treasury strategy. We continue to firmly believe that bitcoin is a compelling investment and plan on acquiring additional bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our $150.0 million shelf registration statement, once effective.”

Semler’s Q2 Financial Results

Besides Semler’s remarkable bitcoin purchases, the company’s financial results from the last quarter were a bit lower than those from the same period in 2023. The firm’s revenue fell 22% from $18.6 million in Q2 2023 to $14.5 million last quarter, and income from operations reduced 25% from $7.2 million to $5.4 million.

However, revenue costs rose 3% from $1.2 million to $1.3 million, while total operating expenses declined 20% from $11.4 million in Q2 2023 to $9.1 million last quarter.

“We are pleased to report strong income from operations of $5.4 million in the second quarter. We remain laser focused on acquiring and holding bitcoin, while supporting and expanding our healthcare business,” said Doug Murphy-Chutorian, the company’s CEO and managing director.

Adopting a Bitcoin Treasury Strategy

In May, CoinTab reported Semler Scientific’s first foray into the crypto space and its adoption of Bitcoin as a primary treasury reserve asset. The company marked the occurrence with an initial purchase of 581 bitcoins for roughly $40 million and has made subsequent acquisitions since then.

In June, the company bought an additional 296 BTC on two separate occasions for a collective sum of $20 million. As of June 30, the healthcare technology provider held 877 BTC valued at $54.9 million.

Subsequent purchases in early August increased Semler’s bitcoin stash by 52 BTC to 929 BTC, worth $52.5 million at the asset’s current trading value of $56,600.