Semler Scientific, a public medical technology company, announced it had purchased an additional $6 million worth of Bitcoin. This latest purchase brings its total Bitcoin holdings to 929 BTC, worth $63 million.
JUST IN: ?? Public Company Semler Scientific purchases additional 101 #Bitcoin for $6 million. pic.twitter.com/VLFwuPwXQV
— Bitcoin Magazine (@BitcoinMagazine) August 5, 2024
Semler adopted a Bitcoin treasury strategy in May 2024, following other public companies like MicroStrategy. Since then, it has aggressively acquired Bitcoin, citing it as a “compelling investment.”
“We continue to firmly believe that Bitcoin is a compelling investment and plan to acquire additional Bitcoins with our cash from operations,” said Semler chairman Eric Semler.
He added, “We plan on acquiring additional bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our $150.0 million shelf registration statement, once effective.”
On May 28, Semler bought 581 BTC for $40 million. It followed up with 247 BTC for $17 million on June 6 and another 49 BTC for $3 million on June 28. As of August 5, its 929 BTC are worth over $63 million.
Semler is closely mimicking MicroStrategy’s Bitcoin strategy. Since 2020, MicroStrategy has purchased over 220,000 BTC worth billions, making it the largest corporate holder. Its Bitcoin bet has increased MicroStrategy’s enterprise value dramatically.
Other public companies in tech and financial services, such as Tesla, Block, and Mercado Bitcoin, have also added Bitcoin to their balance sheets. Over 50 public companies hold Bitcoin on their books.
Bitcoin’s network effects and game theory are driving this corporate adoption. As more firms buy Bitcoin as a reserve asset, it propels other companies to follow suit to avoid missing out.