Semler Scientific Bolsters Bitcoin Holdings with 101 BTC Purchase

Semler Scientific, a Nasdaq-listed healthcare technology company based in California, continues to accumulate Bitcoin (BTC).

According to the company’s press release from August 5, the firm purchased additional 101 BTC for approximately $6 million. This latest acquisition brings the company’s total Bitcoin holdings to 929, valued at over $53 million at the time of writing.

Doug Murphy-Chutorian, Semler Scientific’s CEO, reported “strong income” from operations of $5.4 million in Q2 2024. He also stated that the firm will hold Bitcoin as a primary reserve asset. “We remain laser focused on acquiring and holding Bitcoin, while supporting and expanding our healthcare business.”

Increasing Bitcoin Holdings

This strategy is consistent with the company’s belief in Bitcoin’s unique characteristics as a scarce asset and its potential as a hedge against inflation.

Eric Semler, Chairman of Semler Scientific, confirmed a strong positive response to the company’s ‘Bitcoin Treasury Strategy’ announced on May 28:

“We continue to firmly believe that Bitcoin is a compelling investment and plan on acquiring additional Bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our $150 million shelf registration statement, once effective.”

In line with this new strategy, Semler Scientific has significantly increased its Bitcoin holdings since May 2024. The company initially purchased 581 Bitcoin for $40 million on May 28, followed by additional purchases of 247 Bitcoin for $17 million on June 6 and 49 Bitcoin for $3 million on June 28.

💰 Semler Scientific has announced its acquisition of another 247 BTC for its corporate balance sheet. The recent purchase brings the Bitcoin on Semler’s balance sheet up to 828 BTC.#CryptoNews #Bitcoinhttps://t.co/Ski3BkIXk7

— Cryptonews.com (@cryptonews) June 7, 2024

Bitcoin Becomes a Safe-haven Asset for Corporations

Following the lead of MicroStrategy, a growing number of companies are turning to Bitcoin as a treasury reserve asset.

Companies’ decisions to incorporate Bitcoin into their corporate treasury strategies are driven by several factors, including Bitcoin’s scarcity, inflation-hedging potential and growing institutional acceptance.

DeFi Technologies joined the Bitcoin hoarding frenzy in June 2024, also designating the cryptocurrency as its primary reserve asset. The company purchased 110 BTC, believing in its potential as a hedge against inflation and a safe haven from currency debasement.

Japanese investment firm Metaplanet, often referred to as ‘Asia’s MicroStrategy,’ has held about 246 Bitcoin worth about $13.4 million since adopting its Bitcoin strategy in April 2024, and plans to invest almost $60 million in Bitcoin through a new stock offering.

*Metaplanet announces ¥10.08 billion Gratis Allotment of Stock Acquisition Rights; proceeds to fund additional purchases of $BTC* pic.twitter.com/4OdTFdHnfF

— Metaplanet Inc. (@Metaplanet_JP) August 6, 2024

Business intelligence and analytics firm MicroStrategy remains the largest corporate Bitcoin investor by a landslide, holding 226,500 Bitcoin under management, as of June 24.