Breaking: Semler Scientific Buys More Bitcoin Amid Soaring BTC Adoption

Rupam Roy
August 26, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Image of Bitcoin and USA Flag

Highlights

  • Semler Scientific buys an additional $5 million worth of Bitcoin, expanding its portfolio.
  • The company's total Bitcoin holdings now exceed 1,000 BTC, valued at $68 million.
  • Purchase funded by operational cash and equity program proceeds, showing the firm's confidence in BTC.

The healthcare-focused technology firm, Semler Scientific has added more Bitcoin to its portfolio amid growing institutional interest in the flagship crypto. According to a new announcement, the firm has purchased Bitcoin worth around $5 million, indicating the firm’s growing confidence in BTC. Notably, with the latest purchase, the firm’s total holdings soared past 1K BTC.

Advertisement
Advertisement

Semler Scientific Purchase 83 Bitcoin

The latest acquisition, as reported in a Semler Scientific press release, reflects the firm’s commitment to Bitcoin. According to a recent press release, the Nasdaq-listed tech firm has purchased another 83 BTC, worth $5 million.

Notably, this latest purchase increased the company’s total BTC holdings to 1,012 coins, which was acquired at a total of $68 million. The purchase was primarily funded from the cash generated from operations, along with proceeds from the firm’s at-the-market equity program.

Semler Scientific Chairman Eric Semler highlighted the growing institutional adoption of Bitcoin. He said that the growing interest from the institutions aids the firm in expanding its holdings.

The Chairman also spotlights a crucial milestone that the institutions now hold over 20% of Bitcoin ETF, which showcases the increasing acceptance of BTC as a legitimate asset. He believes that this trend will drive Bitcoin prices higher while creating value for Semler Scientific’s stockholders.

Advertisement
Advertisement

BTC Price Amid Growing Institutional Interest

Semler Scientific has previously announced plans in July to further increase its Bitcoin reserves through stock sales. Notably, this strategy aligns with the broader trend of institutional investors flocking to the crypto, which is seen as a hedge against economic instability and a potential store of value.

Meanwhile, Semler Scientific’s decision to invest heavily in crypto comes at a time when it is gaining traction among traditional financial institutions. With major players like BlackRock, Fidelity, MicroStrategy, and others, entering the space, global investors are shifting their focus towards the crypto.

In addition, the firm’s bold move reflects a broader shift in the corporate world, where companies are increasingly viewing Bitcoin as a strategic asset. By bolstering its Bitcoin holdings, Semler Scientific is positioning itself to benefit from the anticipated long-term growth in Bitcoin’s value, driven by rising demand and limited supply.

However, despite the positive news, BTC price was down 1.22% to $63,403 while its trading volume soared 18% to $22.74 billion. Over the last 24 hours, the crypto has touched a high of $64,996.42, indicating the regaining confidence of the traders.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.