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Highlights
- Semler Scientific bought $21.5 million more in Bitcoin, now holds 2,084 BTC
- SMLR reported 92.8% yield on its Bitcoin Treasury Strategy
- The healthcare giant raised $50 million more through stock offering to buy Bitcoin
Semler Scientific, Inc. (SMLR), a company offering technology solutions for chronic diseases, announced updates regarding its crypto acquiring activity by confirming buying $21.5 million worth of Bitcoin. The company also updated its capital markets strategy and overall KPIs.
The company, which adopted a BTC treasury strategy earlier this year, decided to consolidate cryptocurrency further as a vital part of its financial strategy.
Semler Scientific (SMLR) Expands Bitcoin Holdings and Updates ATM Offering
Semler Scientific, Inc. (SMLR), a provider of technology solutions for monitoring chronic diseases, has provided updates to its Bitcoin acquisition strategy; it has acquired $21.5 million in BTC.
Eric Semler, Chairman of the Board of Directors at Semler Scientific, disclosed that the company has acquired 211 Bitcoins. The price was approximately $21.5 million at an average price of $101,890 per BTC.
Since adopting its strategy in May 2024, Semler Scientific has achieved a BTC Yield of 67.0% quarter-to-date and 92.8% overall. As of December 15, 2024, the company held a total of 2,084 BTC, purchased for roughly $168.6 million at an average price of $80,916 per Bitcoin.
Semler Scientific has acquired 211 BTC for ~$21.5 million at ~$101,890 per #bitcoin and has generated BTC Yield of 67.0% QTD and 92.8% since adopting our BTC treasury strategy in May. As of 12/15/24, we held 2,084 $BTC acquired for ~$168.6 million at ~$80,916 per bitcoin. $SMLR
— Eric Semler (@SemlerEric) December 16, 2024
On December 16, 2024, Semler Scientific increased the total shares available under its ATM offering by $50 million, bringing the total potential to $150 million. The company had raised $100 million in gross proceeds by selling its shares by December 13.
SMLR’s approach puts it in the same league as MicroStrategy, albeit on a smaller scale, with the latter holding billions worth of BTC. Just for reminder, MicroStrategy recently bought 15,350 Bitcoin worth around $1.5 billion.
SMLR has strengthened its fundraising through a Controlled Equity Offering agreement with Cantor Fitzgerald & Co. Under the agreement, the company may sell common stock via an at-the-market offering.
BTC Yield as a Performance Indicator
Semler Scientific appears committed to enhancing shareholder value through its Bitcoin treasury strategy. The recent earnings transcript and press release highlight this focus. Central to the strategy is the “BTC Yield,” a key performance indicator. This KPI measures percentage changes in Bitcoin holdings relative to the company’s diluted share count. It helps gauge how well the strategy contributes to stockholder returns.
For Q4 2024, Semler reported a BTC Yield of 67% and 92.8% since adopting the strategy in Q3. BTC Yield reflects changes in the ratio of Bitcoin holdings to Assumed Diluted Shares Outstanding. This calculation includes all stock options but excludes vesting conditions and exercise prices.
The company presents BTC Yield as a tool for investors to evaluate its use of capital raised from stock sales to buy Bitcoin.
Looking Ahead
Semler Scientific furthers its twin strategies of raising capital through equity offerings and investing in Bitcoin. It also claims cryptocurrency plays a pivotal role in increasing shareholder value.
It is not alone in adopting a BTC-focused treasury strategy either. Last week, crypto mining giant Riot Platforms Inc. has significantly expanded its cryptocurrency holdings with acquisition of 5,113 Bitcoin for approximately $510 million. That is how it reinforced its position as a major player in the mining of the largest cryptocurrency and investment space.
This is yet another sign that crypto is gaining traction as a corporate asset. While SMLR, based in the US, doesn’t face the same currency challenges, its move highlights a broader trend of companies increasingly turning to Bitcoin as a strategic financial asset.
As much as the company’s BTC Yield metric sheds some light on this strategy, the long-term effectiveness of such bets would remain pegged to the volatility and mainstreaming of BTC in more macrofinancial markets.
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