Medical device company Semler Scientific announced it purchased an additional 83 Bitcoin for $5 million in cash. This latest buy expands Semler’s total Bitcoin holdings to 1,012 BTC acquired for $68 million.
JUST IN: 🇺🇸 Public Company Semler Scientific buys another 83 #Bitcoin worth $5 million. pic.twitter.com/bQszFQcOF4
— Bitcoin Magazine (@BitcoinMagazine) August 26, 2024
The move comes as Semler embraces a strategy of adding Bitcoin to its balance sheet. In May, the company invested $40 million to purchase 654 BTC in its first major embrace of Bitcoin. Semler said it views Bitcoin as its primary treasury asset.
In June, Semler announced another $17 million Bitcoin acquisition of 247 BTC and said it planned to raise up to $150 million through an equity program to further boost its Bitcoin holdings. Earlier this month, they bought an additional 101 Bitcoin worth $6 million.Â
“Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding Bitcoin,” said CEO Doug Murphy-Chutorian in June. “We will continue to pursue our strategy of purchasing Bitcoins with cash.”
Semler appears to be following MicroStrategy’s Bitcoin treasury playbook. Since 2020, MicroStrategy has purchased over 225,000 bitcoins worth billions of dollars. Its Bitcoin bets have increased the company’s enterprise value dramatically.
Other public companies, such as MARA, Metaplanet, and others, have also added Bitcoin to their balance sheets. More firms are realizing the potential benefits of holding Bitcoin as a reserve asset and hedge against inflation.