828 BTC and counting, raising $150 million for more

California-based medical technology company Semler Scientific has announced the purchase of an additional 247 BTC for a total of $17 million in cash, including fees and expenses.

As of June 6, 2024, Semler has a total of 828 bitcoins, which were acquired for a total of $57 million, including fees and expenses.

Prepare $150M Bitcoin Warchest

In a new filing, the Nasdaq-listed medical maker also revealed it wants to raise $150 million to buy more bitcoins in the future, a strategy that aligns with expanding its corporate structure.

While highlighting the value gap between gold and BTC, Semler Scientific said it believes the latter has the potential to generate outsized returns as it gains increasing acceptance as “digital gold.”

The company believes that the unique attributes of bitcoin discussed above differentiate it not only from fiat money, but also from other cryptocurrency assets. For this reason, the company has no plans to purchase cryptocurrency assets other than bitcoin.

Commenting on the development, Doug Murphy-Chutorian, MD, CEO of Semler Scientific, said:

“Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin. The company now holds 828 bitcoins, underscoring our view that bitcoin is a compelling investment and can serve as a store of reliable value. We will continue to pursue our strategy of buying bitcoins with cash.”

Semler Scientific Taps Bitcoin

Last month, Semler Scientific decided for the first time to make bitcoin its primary asset to hold reserves and excess cash. The company recently started this new policy by buying 581 bitcoins for $40 million, including taxes and other expenses.

The company’s president, Eric Semler, cited BTC’s scarcity, finite supply, and potential to serve as an inflation hedge and safe haven amid global uncertainties as key reasons for the move. The company previously said it plans to continue its profitable healthcare operations, but will use excess cash to buy BTC, subject to market conditions and anticipated cash needs.

This strategy mirrors that of MicroStrategy, a software company that has been aggressively accumulating Bitcoin since August 2020. At the time of writing, the NASDAQ-listed giant has more than 214,000 BTC, worth more than $15 billion. dollars The company’s paper earnings are close to $7.7 billion.

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