Semler Scientific Increases Bitcoin Treasury Holdings With $6 Million Purchase

Bitcoin treasury firm Semler Scientific has added another $6 million in Bitcoin to its balance sheet, which includes more than the entirety of the medical company’s second quarter earnings.

The purchase reflects an ongoing commitment to Semler’s Bitcoin acquisition strategy, even though the asset recently hit its lowest price level since February.

Semler Scientific buys more Bitcoin

In a press release on Monday, Semler confirmed that it made a profit of $5.4 million in the second quarter. Meanwhile, the company acquired 101 BTC for $6 million, bringing its total BTC holdings to 929 BTC worth $52.2 million at the time of writing.

Semler has now spent $63 million in BTC in total, making his average cost per coin $67,814. In other words, since Semler started buying on May 28, he’s down 17.41% on his investment.

“We are very encouraged by the strong positive reaction to our recent announcement of a bitcoin treasury strategy,” said Eric Semler, president of Semler Scientific. It continued:

“We continue to strongly believe that bitcoin is a compelling investment and plan to acquire additional bitcoins with our cash from operations as well as cash generated from the sale of securities pursuant to our shelf registration statement of 150.0 million dollars, once in force.”

Semler’s plans with the SEC

In early June, Semler announced it was working with the SEC to get the green light to sell a combination of debt and common stock to raise up to $150 million. According to the filing, the proceeds will be used for “general corporate purposes, including the acquisition of bitcoins.”

This strategy closely mimics that of MicroStrategy, the first public company to bet on BTC, which has so far taken advantage of the capital market to acquire more than 226,000 BTC.

Semler shares are up 1.44% on the day. Despite BItcoin’s massive correction since late May, the company’s shares have continued to rise modestly since then, a common trend among companies that have adopted BItcoin as a treasury asset thus far.

Semler’s unaudited Q2 financial statement shows the company has $84 million in assets, $54.9 million of which include Bitcoin as of June 30. The company’s market capitalization is $187 million, according to Yahoo Finance.

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