Healthcare company Semler Scientific buys $3m in Bitcoin

Semler Scientific increases its Bitcoin reserves with a $3 million purchase, bringing its total holdings to 929 BTC.

Publicly traded medical device manufacturer Semler Scientific is doubling down on its corporate strategy focused on buying Bitcoin (BTC), boosting its crypto reserves by several million dollars with the latest transaction.

On Monday, in its Q2 financial results published on August 5, the company announced that it acquired an additional 52 BTC on the same day at a total cost of $3 million, bringing the total amount of its crypto reserves to 929 BTC. Semler Scientific CEO Doug Murphy-Chutorian said the company “remains laser-focused on acquiring and holding Bitcoin while supporting and expanding our healthcare business.”

“We continue to believe that Bitcoin is an attractive investment and, once effective, we plan to acquire additional Bitcoin with cash from operations and cash proceeds from the sale of securities under our $150 million shelf registration statement.”

Doug Murphy – Chutorian

In Q2, Semler Scientific’s revenues were $14.5 million, a 22% decrease compared to $18.6 million in the same period in 2023, its financial results report reads. Despite the company’s commitment to increasing its Bitcoin reserves, Semler Scientific shares fell 7.5% to $8.22 following the report, according to data from Google Finance.

Semler Scientific Says Bitcoin Is an “Attractive Investment”

The Santa Clara-based healthcare company first announced its plans to purchase Bitcoin in late May, when it purchased 581 BTC for a total of $40 million.

At the time, Eric Semler, president of Semler Scientific, said the company’s Bitcoin treasury strategy emphasized its belief that Bitcoin was “a reliable store of value and an attractive investment.” He also added that the medical technology company believed in Bitcoin’s “unique characteristics,” such as being a scarce and limited asset that could serve as a “reasonable inflation hedge and safe haven” in times of global instability.

With the latest acquisition, Semler Scientific has moved up to 19th place on the list of the largest public companies worldwide holding Bitcoin on their balance sheets, surpassing Canadian Bitcoin mining company Bitfarms, according to data from Bitcoin Treasuries.