Medical device company Semler Scientific announced it bought an additional 83 Bitcoin for $5 million in cash. This latest purchase brings Semler’s total Bitcoin holdings to 1,012 BTC, acquired for $68 million.
JUST IN: 🇺🇸 Listed company Semler Scientific buys another 83 #Bitcoin worth $5 million. photo.twitter.com/bQszFQcOF4
— Bitcoin Magazine (@BitcoinMagazine) August 26, 2024
This move follows Semler’s strategy to add Bitcoin to its balance sheet. In Maythe company invested $40 million to purchase 654 BTC in its first major adoption of Bitcoin. Semler said it views Bitcoin as its primary treasury asset.
In JuneSemler announced another Bitcoin acquisition of 247 BTC worth $17 million and said it planned to raise up to $150 million through an equity program to further increase its Bitcoin holdings. Earlier this monththey bought another 101 Bitcoin worth $6 million.
“Semler remains focused on our two strategies: growing our healthcare business and acquiring and holding Bitcoin,” CEO Doug Murphy-Chutorian said in June. “We will continue our strategy of buying Bitcoin with cash.”
Semler seems to follow from MicroStrategy Bitcoin treasury playbook. Since 2020, MicroStrategy has purchased more than 225,000 bitcoins worth billions of dollars. The bitcoin bets have dramatically increased the company’s enterprise value.
Other publicly traded companies, such as MARA, Metaplanet and others, have also added Bitcoin to their balance sheets. More and more companies are realizing the potential benefits of holding Bitcoin as a reserve asset and as a hedge against inflation.