Semler Scientific eyes further Bitcoin purchases after buying 47 BTC in Q3

Medical device maker Semler Scientific said it remains “laser focused” on buying and holding more Bitcoin after its crypto reserves surpassed 1,050 BTC.

Healthcare manufacturer Semler Scientific now holds $1,058 worth of Bitcoin (BTC), worth $71 million, after purchasing 47 BTC in the third quarter.

Doug Murphy-Chutorian, CEO of the Santa Clara-based company, said in its Q3 financial results report that Semler Scientific is “focused on purchasing and holding Bitcoin while driving innovation and growth in our healthcare business.”

“We plan to continue purchasing Bitcoin with cash from our operations and cash proceeds from our sales under our ATM program. “We are also exploring additional financing opportunities that will enable us to acquire more Bitcoin.”

Eric Semler, president of Semler Scientific

Despite its crypto-centric investment strategy, the third quarter was challenging for Semler Scientific. The company’s revenue fell 17% year over year to $13.5 million, while operating income fell 20% to $5.1 million. Nasdaq shares fell 2.3% following the report, but are up 18% in the past month, according to Google Finance.

Semler first entered the Bitcoin market in May by purchasing 581 BTC for $40 million. At the time, Semler highlighted Bitcoin’s potential as a “trusted store of value” and “an intriguing investment,” citing Bitcoin’s scarcity and its potential as an inflation hedge and safe haven amid global economic uncertainty.

Additionally, Semler said the company believes Bitcoin’s digital, architectural flexibility “makes it preferable to gold, which has a market cap of approximately 10 times Bitcoin.”