Nasdaq-listed healthcare tech firm Semler Scientific announced on Thursday its purchase of 247 bitcoins for $17 million in cash. The company plans to raise $150 million to further increase its bitcoin holdings.
Currently, Semler Scientific has a total of 828 BTC. The average price when acquired was $57 million and is now valued at nearly $59 million at bitcoin’s current price.
“Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin,” said Semler Scientific’s chief executive officer, in a release. “The company now holds 828 bitcoins, underscoring our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash.”
“We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability,” the filing stated, adding that the company does not plan to buy other cryptocurrencies.
The company acknowledged bitcoin’s volatility in the filing, noting that future price fluctuations might result in converting bitcoin purchased with the raise’s proceeds into cash worth significantly less than the initial proceeds.
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MicroStrategy Bitcoin Expansion
In February 2024, MicroStrategy expanded its bitcoin holdings by acquiring an additional 3,000 BTC, bringing its total to 193,000 BTC. This purchase underscores the company’s robust commitment to Bitcoin as a strategic asset.
Shortly after that, on March 13, 2024, MicroStrategy announced a $500 million convertible debt offering. The funds raised are intended to further increase its bitcoin reserves.
