Santa Clara-based healthcare technology company Semler Scientific (SMLR) recently revealed that it purchased an additional 47 bitcoins (BTC), bringing its total holdings to 1,058 BTC.
Semler Scientific continues to increase its Bitcoin holdings
Semler Scientific, a Nasdaq-listed healthcare manufacturer, announced that it has purchased an additional 47 bitcoins for $3 million. This acquisition comes at a time when Bitcoin remains around 7% below its all-time high value (ATH).
The company collected 141 bitcoins between July and September for $8.4 million. The last purchase of 47 bitcoins was made between the end of September and November 4, according to the company’s Q3 2024 report.
The acquisition, valued at $3 million, increased Semler Scientific’s total holdings to 1,058 Bitcoin. The company has indicated that it plans to continue purchasing BTC.
Commenting on this development, Doug Murphy Chautrian, CEO of Semler Scientific, said:
We remain focused on acquiring and holding Bitcoin, while supporting innovation and growth in our healthcare business.
Semler Scientific began its Bitcoin acquisition journey in May 2024, when it purchased 581 Bitcoins for $40 million. Later in September, the company He added 83 Bitcoin to its reserves – purchased for $5 million.
The company appears to be following a similar strategy to MicroStrategy (MSTR). Eric Semler, chairman of Semler Scientific, suggested that the company is exploring additional financing opportunities to acquire more bitcoin, mirroring MicroStrategy’s approach.
Despite this, Semler Scientific stock performance no Aligned with the MSTR path. SMLR closed at $29.97 on November 5, down 2.31% for the day. Although the stock is up 8.31% over the past six months, it is still down 32.16% year-to-date.
In contrast, the MSTR index has increased by a remarkable 225.44% year-on-year since the beginning of the year. In the past six months, the stock price has risen 75.75%, although the stock took a hit last month, falling 15.47%.
Semler’s third-quarter 2024 report shows its net income rose to $5.6 million, up from $5.5 million in the third quarter of 2023.
The company’s Bitcoin reserves have become a popular trend
Along with Semler Scientific, MicroStrategy and Tesla, an increasing number of companies are gradually warming up to the idea of owning a Bitcoin reserve.
And more recently, the Japanese company Metaplanet Announce It acquired another 108 bitcoins, bringing the company closer to its ambitious goal of holding 1,000 bitcoins.
This trend of adding Bitcoin to corporate balance sheets is not surprising, as many seasoned analysts have expressed optimism about Bitcoin’s long-term prospects.
For example, analysts at research firm Bernstein recently anticipation BTC reaching $200,000 by the end of 2025 is a “conservative” estimate. Bitcoin is trading at $69,236 at press time, up 0.9% over the past 24 hours.
Featured image from Unsplash.com, charts from Google Finance and TradingView.com
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