Just In: Semler Scientific Increases Bitcoin Holdings To Over 1,000 BTC

Medical device company Semler Scientific (SMLR) has increased its Bitcoin holdings, now owning a total of 1,058 BTC. The company disclosed this new acquisition alongside its third-quarter earnings report, stating that it added 47 Bitcoin since its previous update in late August.

This latest purchase cost approximately $3 million, bringing the total amount Semler has invested in Bitcoin to $71 million. With Bitcoin currently trading at around $67,500, the firm is at about breakeven on its investment.

Semler Scientific Increases Bitcoin Holdings

According to Eric Semler, chairman of Semler Scientific, the company is committed to increasing its Bitcoin holdings.

“We are capitalizing on the opportunity to maximize stakeholder value by accumulating Bitcoin,” he said.

Semler Scientific explained that the firm plans to use cash from operations, as well as proceeds from its at-the-market (ATM) stock sale program, to fund further Bitcoin purchases. Additionally, the company is exploring new financing options to expand its Bitcoin holdings further.

This shift toward digital assets represents a notable strategy for a healthcare-focused company like Semler. While the firm continues to perform well in its core medical technology business, it has placed substantial emphasis on its Bitcoin investments as an additional approach to enhance value for shareholders.

Details of Recent and Total BTC Purchases

As of September 30, 2024, Semler held 1,018 BTC, purchased for a cumulative total of $68 million. Between then and November 4, the company acquired an additional 40 BTC, bringing its holdings to 1,058 BTC at a total purchase price of $71 million. All purchase amounts include fees and expenses, according to the company’s filing.

The funding for these purchases partly came from the company’s ATM stock sale program. Since the program became effective on August 13, 2024, Semler has raised around $2.5 million by selling 86,734 shares. These funds have contributed to its ongoing Bitcoin acquisition strategy, demonstrating the company’s dedication to balancing traditional revenue sources with digital asset investments.

Semler’s financial results for the third quarter of 2024 reflect robust performance in its healthcare business, which provides diagnostic products for chronic disease management. For the quarter ending September 30, the company reported an income from operations of $5.1 million. CEO Doug Murphy-Chutorian stated that the firm remains “laser-focused” on both its core healthcare services and its strategic Bitcoin investments.

The company’s dual focus allows it to leverage its operational success to fund its Bitcoin purchases. Semler’s management believes that holding Bitcoin will provide long-term value for shareholders while supporting growth in the core healthcare business.

Rising Institutional Interest in Bitcoin Continues

Semler’s increasing Bitcoin investments come amid a broader trend of institutional adoption. Recently, UK pension fund giant Cartwright announced its entry into the Bitcoin space, signaling a growing acceptance of digital assets among large investors. Cartwright’s embrace of Bitcoin may inspire other institutional investors in the UK to follow suit.

Meanwhile, the upcoming U.S. presidential election has introduced some volatility to Bitcoin prices. Bitcoin briefly dropped to $67,400 on Monday, November 5, partly due to shifts in political sentiment.

However, analysts at Bernstein remain optimistic, projecting that Bitcoin could reach $200,000 by the end of 2025, driven by factors such as rising U.S. debt and increasing demand for Bitcoin ETFs.