NewsletterSemler Scientific To Acquire More Bitcoin (BTC) With Stock Sales
Highlights
- Semler Scientific said it will sell stock to acquire more Bitcoin.
- This follows the firm's creation of a Bitcoin reserve.
- Executives continue to toe the line of Michael Saylor’s MicroStrategy.
Medical tech company Semler Scientific has announced plans to acquire more Bitcoin through stock sales increasing its total holdings. The company seeks to add the crypto market leader to its new treasury strategy drawing inspiration from Michael Saylor’s MicroStrategy. Corporations have recently increased their BTC investment following a growing adoption after the approval of spot Bitcoin ETFs.
Semler Scientific To Buy More Bitcoin
Semler Scientific has announced plans to acquire more Bitcoin adding to its total BTC holdings. The firm noted that it plans to sell stock for general corporate purposes, including purchasing more Bitcoin. However, the Securities and Exchange Commission (SEC) might delay the process a little because of their current crypto stance.
“So the SEC has been… we’ve been waiting for a while now for the SEC to approve it. They’ve had comments on our Bitcoin strategy which will become public information but they’re not friends with crypto or Bitcoin so I think they are gonna take their time before they approve our filing but we are hoping that will happen soon and that will enable us to buy more Bitcoin.”
Institutions have become more interested in Bitcoin as a reserve asset after the approval of spot Bitcoin ETFs by the SEC the need to grow the balance sheet testing the asset’s quality as a store of value. However, the US financial regulator remains in a rift with the market hindering innovation and growth.
Also Read: Bitcoin Emoji Proposal In Place As Elon Musk’s X Removes It
Company Toes MicroStrategy’s Path
This year, Semler Scientific rolled out a Bitcoin treasure reserve buying $57 million worth of assets for its balance sheet. The big net on the crypto market leader stems from similar moves by Michael Saylor and MicroStrategy to increase their asset holding leveraging on the heightened massive adoption.
While significant growth can lead to gains, the asset becoming linked with Bitcoin might see a stock plunge in a bear market. In another development, gold advocate and BTC critic Peter Schiff stated that Michael Saylor’s strategy to get more CEOs to get a Bitcoin reserve has failed.
Also Read: BitFlyer Closes FTX Japan Deal, Crypto ETF Services on The Horizon
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