Semler Scientific (SMLR) announced the acquisition of 581 bitcoins for its treasury, resulting in a 25% increase in its stock price during early U.S. trading hours on Tuesday.

According to its latest earnings statement, the company had a market cap of under $200 million before the stock price surge. As of the end of the first quarter, Semler had cash and cash equivalents totaling $62.9 million. The company’s first-quarter revenue was $15.9 million, with an operating cash flow of $6.1 million.

In a morning press release, Semler disclosed the purchase of 581 bitcoins (BTC) for $40 million, averaging approximately $68,850 per token.

Another notable company has added Bitcoin to its reserve—this time, healthcare firm Semler Scientific has adopted Bitcoin as its primary treasury reserve asset by purchasing $40 million worth. This move mirrors strategies previously employed by other companies in the market.

“Bitcoin is now a major asset class with more than $1 trillion of market value,” said company Chairman Eric Semler. “We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of bitcoin.”

Today’s 25% gain has brought Semler’s stock to just a 2% decline year-over-year.

For more updates on cryptocurrency, investing, and finance, continue exploring the latest news on Global Crypto News.

Post Views: 9