Semler Scientific buys additional $5 million worth of Bitcoin

Medical device company Semler Scientific has announced that it has acquired an additional 83 Bitcoins for $5 million in cash. This latest purchase brings Semler’s total Bitcoin holdings to 1,012 BTC purchased for $68 million.

JUST IN: 🇺🇸 Public company Semler Scientific buys 83 more #Bitcoin worth 5 million dollars. pic.twitter.com/bQszFQcOF4

— Bitcoin Magazine (@BitcoinMagazine) August 26, 2024

The move comes as Semler embraces a strategy to add Bitcoin to its balance sheet. In May, the company invested $40 million to buy 654 BTC in its first major Bitcoin embrace. Semler said he views Bitcoin as his primary treasury asset.

In June, Semler announced another $17 million Bitcoin purchase of 247 BTC and said it plans to raise up to $150 million through an equity program to further increase its holdings Bitcoin. Earlier this month, they bought another 101 Bitcoins worth $6 million.

“Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding Bitcoin,” CEO Doug Murphy-Chutorian said in June. “We will continue to pursue our strategy of buying Bitcoin with cash.”

Semler appears to be following MicroStrategy’s Bitcoin treasury playbook. As of 2020, MicroStrategy has acquired over 225,000 bitcoins worth billions of dollars. His Bitcoin bets dramatically increased the company’s value.

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.