Medical diagnostics company Semler Scientific has acquired an additional 47 BTC for $3 million using operating cash flow since its previous disclosure in August. Along with its third-quarter results, the company revealed that its bitcoin holdings have reached 1,058.
This storage is worth about $80 million in total purchases as of November 8 due to recent price appreciation.
“Laser Focused” on Bitcoin
Semler Scientific reported revenue of $13.5 million for the third quarter, a decrease of 17%. Operating income was $5.1 million, down $1.2 million from the second quarter. Despite this, he remains “laser focused” on acquiring and holding Bitcoin.
According to Semler Scientific president Eric Semler, the company is seizing an opportunity to increase value for stakeholders by expanding its bitcoin reserves. Going forward, Semler intends to continue to purchase bitcoins with both operating cash and over-the-counter (ATM) program funds, while exploring other financing methods to expand these acquisitions.
Weighing in on the company’s BTC approach, Doug Murphy-Chutorian, MD, CEO of Semler Scientific, commented:
“We are pleased to report strong performance in our healthcare business with operating income of $5.1 million in the third quarter. We remain focused on the acquisition and preservation of bitcoins, while supporting innovation and growth of our healthcare business.”
With these acquisitions, Semler became the 17th largest public company holding the cryptocurrency, placing it ahead of Japan’s Metaplanet, which currently holds 1,015.2 BTC, according to data compiled by Bitcoin Treasuries.
Bitcoin’s corporate trend accelerates:
Over the past few years, a growing trend has seen companies invest in bitcoin as a strategic asset on their balance sheets. MicroStrategy, under the leadership of former CEO Michael Saylor, is often credited with starting this trend among public corporations.
In 2020, Saylor announced the company’s large-scale investment in bitcoin, citing it as a more effective store of value than cash. MicroStrategy’s holdings now total 252,220 BTC, making it among the top corporate bitcoin holders.
Several companies have followed in their footsteps, including Semlar, which first announced it was adopting BTC as its primary treasury reserve asset in May of this year, citing bitcoin’s scarcity, fixed supply and potential as an inflation hedge and safe haven amid global uncertainties.
The California-based medical technology company began this strategy with an initial purchase of 581 bitcoins for $40 million, including taxes and fees, and confirmed that it has no plans to buy other cryptocurrencies.
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