Semler Scientific invests $5 million in Bitcoin holdings

Semler Scientific, a publicly traded medical technology company, has increased its Bitcoin holdings by purchasing an additional $5 million worth of the cryptocurrency.

This latest acquisition adds 83 BTC (CRYPTO:BTC) to the company’s portfolio, bringing its total Bitcoin holdings to 1,012 BTC.

The company has been steadily building its Bitcoin reserves since May, when it adopted a Bitcoin treasury strategy, following in the footsteps of other firms like MicroStrategy.

The cumulative cost of Semler Scientific’s Bitcoin holdings now stands at $68 million, which includes fees and expenses.

The recent purchase was funded primarily through cash generated from the company’s operations, with additional support from its at-the-market equity program.

Eric Semler, the company’s chairman, highlighted the growing institutional adoption of Bitcoin, noting: “We are encouraged by the growing institutional adoption of bitcoin. It was recently reported that for the first time, institutions own more than 20% of bitcoin ETF assets under management."

Semler further expressed confidence that this increasing institutionalisation will drive up the value of Bitcoin, benefiting both Bitcoin prices and the company’s stockholders.

Semler Scientific’s journey into the Bitcoin ecosystem began in May when the company decided to use Bitcoin as a primary treasury reserve asset.

The initial investment in May involved the purchase of 581 bitcoins for approximately $40 million, marking the company’s first major step into the crypto market.

Following that, Semler continued to accumulate Bitcoin, buying 296 BTC on two separate occasions in June, for a total of $20 million.

On August 5, the company made another significant purchase, acquiring Bitcoin worth $6 million.

Semler Scientific’s growing Bitcoin portfolio reflects a broader trend in the corporate world, where companies increasingly view Bitcoin as a strategic asset to hedge against inflation and capitalise on the anticipated long-term growth of the cryptocurrency.

At the time of the latest announcement, Bitcoin was trading at $63,200, reflecting a slight 1.41% decline in the last 24 hours.

The company’s continued investment in Bitcoin positions it well to benefit from the crypto asset's potential future appreciation, as demand continues to rise while supply remains limited.

At the time of reporting, Bitcoin price was $62,951.70