Semler Scientific (SMLR), a healthcare technology firm, has recently announced the acquisition of 247 BTC for its corporate balance sheet, bringing the total amount of Bitcoin on its balance sheet to 828 BTC. The recent purchase was made for $17 million, averaging $68,825 per coin. The company has invested a total of $57 million in Bitcoin so far and is currently up $1 million on its investment. CEO Doug Murphy-Chutorian stated that Semler remains focused on expanding its healthcare business and acquiring and holding Bitcoin as part of its strategy.
Following in the footsteps of MicroStrategy, Semler announced last month that it was turning to Bitcoin as its primary treasury reserve asset. The company’s stock surged by 33% the day it announced its first Bitcoin purchase, and spiked by 9% following the recent announcement of additional purchases. With a market cap of $223 million, almost four times the value of Bitcoin on its balance sheet, Semler is showing a commitment to its Bitcoin strategy through its actions to acquire more digital assets through a debt securities sale.
The trend of companies acquiring Bitcoin as a treasury reserve asset is growing, with Semler joining the likes of MicroStrategy in utilizing the cryptocurrency as a store of value. The company’s plans to execute a $150 million debt securities sale to fund the acquisition of more Bitcoin are in line with the strategies adopted by other companies in the space. CEO Doug Murphy-Chutorian believes that Bitcoin is a compelling investment that can serve as a reliable store of value, and the firm will continue to pursue its strategy of purchasing Bitcoin with cash.
Semler’s chairman, Eric Semler, has expressed optimism regarding Bitcoin’s potential to generate outsize returns as it gains acceptance as digital gold. Comparing Bitcoin to gold, Semler believes that the digital currency’s architectural resilience makes it preferable to gold, despite the latter’s larger market cap. Other companies, such as the public Japanese firm Metaplanet, have also started to acquire large amounts of Bitcoin, resulting in a significant increase in their stock performance. Semler has not only been buying Bitcoin with cash, but is also exploring the use of capital markets to enhance shareholder value and increase its Bitcoin holdings.
Overall, Semler Scientific’s commitment to acquiring Bitcoin as part of its investment strategy is reflective of a growing trend among companies to diversify their treasury reserves with digital assets. With a focus on expanding its healthcare business and acquiring Bitcoin, Semler is positioning itself as a key player in the evolving landscape of digital asset investments. The company’s strategic moves to acquire more Bitcoin through a debt securities sale demonstrate its confidence in the long-term potential of cryptocurrencies as a valuable addition to its corporate balance sheet.
