Semler Scientific Expands Bitcoin Holdings with $17 Million Purchase, Follows MicroStrategy’s Lead

Semler Scientific Bitcoin Investment

Semler Scientific (SMLR), a healthcare technology firm that has embraced Bitcoin, has announced a significant acquisition of 247 BTC for its corporate balance sheet. According to a press release late Thursday, the purchase totaled $17 million, including all fees and expenses, averaging $68,825 per coin. As of Friday, Bitcoin is trading at $71,200 per coin.

This recent purchase boosts Semler’s Bitcoin holdings to 828 BTC, acquired at a total cost of $57 million. The company has already seen a $1 million profit on its investment.

“Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin,” said Doug Murphy-Chutorian, CEO of Semler Scientific.

Following MicroStrategy’s Footsteps

Semler announced last month that it would adopt Bitcoin as its primary treasury reserve asset, becoming the second publicly traded U.S. company to follow MicroStrategy’s (MSTR) lead. Following its first Bitcoin purchase, SMLR stock surged 33%, with an additional 9% spike on Friday after the latest acquisition announcement.

Semler’s market cap has now reached $223 million, nearly four times the value of its Bitcoin holdings.

The Bitcoin Acquisition Trend

In a Thursday SEC filing, Semler revealed plans for a $150 million debt securities sale, with proceeds designated for general corporate purposes, including further Bitcoin acquisitions. This strategy mirrors MicroStrategy, which has issued billions in convertible notes to buy more BTC.

“Bitcoin is a compelling investment and can serve as a reliable store of value,” added Murphy-Chutorian. “We will continue to pursue our strategy of purchasing bitcoins with cash.”

Company chairman Eric Semler expressed similar confidence, stating that Bitcoin “has the potential to generate outsized returns as it gains increasing acceptance as digital gold.” He highlighted Bitcoin’s “digital and architectural resilience,” which he believes makes it preferable to gold, despite gold’s market cap being ten times larger.

Public Japanese firm Metaplanet also revealed a similar strategy to acquire as much BTC as possible, resulting in it becoming one of Japan’s best-performing stocks.

In addition to using cash for Bitcoin purchases, Semler Scientific plans to explore capital market strategies that it believes will enhance shareholder value and Bitcoin holdings.