Semler Scientific expands Bitcoin portfolio with $5m purchase

crypto.news · 2024-08-26T05:04:21+00:00

Medical tech firm Semler Scientific has purchased a further 83 BTC for $5m, bringing the firm's total Bitcoin investment to 1,012 BTC at a cost of $68m. The majority of the purchase was funded from the company's own cash reserves, supplemented by funding raised through its at-the-market equity programme. The firm ranks 17th in a list of public companies worldwide holding the cryptocurrency on their balance sheets.

crypto.news

2024-08-26 05:04:21

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Semler Scientific has expanded its Bitcoin holdings to over 1,000 BTC, signaling continued confidence in the crypto as a strategic investment.

Semler Scientific, a medical tech company, is intensifying its Bitcoin strategy with the purchase of an additional 83 (BTC) for $5 million, raising its total holdings to 1,012 BTC at a cumulative cost of $68 million, including fees and expenses.

In a Monday press release, Aug. 26, the Santa Clara-based healthcare technology company, which specializes in chronic disease management solutions, said it had made the purchase primarily using cash from operations, supplemented by funds raised through its at-the-market equity program.

“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.”

Eric Semler, chairman of Semler Scientific

Semler Scientific keeps buying Bitcoin

Semler Scientific’s initial foray into Bitcoin occurred in late May, when the company announced the acquisition of 581 BTC for $40 million.

At the time, Semler emphasized Bitcoin’s potential as a “reliable store of value” and a “compelling investment,” citing its scarcity and potential as an inflation hedge and safe haven amid global economic uncertainty. Additionally, Semler also said at the time that the company believes that Bitcoin’s digital, architectural resilience “makes it preferable to gold, which has a market value of approximately 10 times that of Bitcoin.”

With the latest transaction, Semler Scientific ranks 17th spot in the list of top public companies all over the world that hold Bitcoin on their balance sheet, surpassing American Bitcoin mining company Bit Digital, Inc., per data from Bitcoin Treasuries.

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