Medical device company Semler Scientific announced that it Purchased An additional 83 bitcoins for $5 million in cash. This latest purchase brings Semler’s total bitcoin holdings to 1,012 bitcoins acquired for $68 million.
BREAKING: 🇺🇸 Semler Scientific Public Company buys another 83 shares #Bitcoin It is worth $5 million. pic.twitter.com/bQszFQcOF4
— Bitcoin Magazine (@BitcoinMagazine) August 26, 2024
The move comes as Semler embraces a strategy of adding bitcoin to its balance sheet. In May, the company invested $40 million to buy 654 bitcoins in its first major bitcoin incubation. Semler said it views bitcoin as its core treasury asset.
In June, Semler announced another $17 million acquisition of 247 bitcoins, and said it planned to raise up to $150 million through a stock program to boost its bitcoin holdings. Earlier this month, the company bought an additional 101 bitcoins for $6 million.
“Semler remains focused on our two strategies of expanding our healthcare business and buying and holding bitcoin,” CEO Doug Murphy-Tchuturian said in June. “We will continue to pursue our strategy of buying bitcoin for cash.”
Semler appears to be following MicroStrategy’s approach to managing the bitcoin treasury. Since 2020, MicroStrategy has bought over 225,000 bitcoins worth billions of dollars. Its bets on bitcoin have significantly increased the company’s enterprise value.
Other public companies, such as Mara, Metaplanet, and others, have also added bitcoin to their balance sheets. More companies are realizing the potential benefits of holding bitcoin as a reserve asset and hedge against inflation.