Semler Scientific Expands Bitcoin Holdings with $3M Purchase

Semler Scientific is increasing its Bitcoin reserve with a $3 million purchase, bringing its total holdings to 929 BTC.

Publicly traded medical device maker Semler Scientific is doubling down on its corporate strategy focused on buying Bitcoin. The latest transaction boosts its crypto reserves by a few million dollars.

In its Q2 financial results published on Monday, Aug. 5, the company revealed that on the same day, it acquired an additional 52 BTC for an aggregate cost of $3 million, bringing the total amount of crypto reserves to 929 BTC. Semler Scientific Chief Executive Doug Murphy-Chutorian stated the company remains “laser-focused on acquiring and holding Bitcoin, while supporting and expanding our healthcare business.”

“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 million shelf registration statement, once effective.”

In Q2, Semler Scientific’s revenues were $14.5 million, a 22% decrease compared to $18.6 million during the corresponding period of 2023. Despite the company’s commitment to increasing its Bitcoin reserves, Semler Scientific’s shares fell by 7.5% to $8.22 following the report.

The Santa Clara-headquartered healthcare company first announced plans to start buying Bitcoin in late May, when it acquired 581 BTC for an aggregate amount of $40 million.

At the time, Semler Scientific’s chairman Eric Semler said the company’s Bitcoin treasury strategy underscores its belief that Bitcoin is a “reliable store of value and a compelling investment.” He also added that the medical technology company believes in the “unique characteristics” of Bitcoin such as a scarce and finite asset that can serve as a “reasonable inflation hedge and safe haven amid global instability.”

With the latest purchase, Semler Scientific ranks 19th among the top public companies worldwide that hold Bitcoin on their balance sheet, surpassing Canadian Bitcoin mining company Bitfarms.

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