Semler Scientific, a publicly traded medical technology company, announced that it has purchased an additional $6 million worth of bitcoin. The latest purchase brings the company’s total bitcoin holdings to 929 bitcoins, worth $63 million.
Urgent: 🇺🇸 Semler Scientific Public Company buys 101 additional devices #Bitcoin For $6 million. pic.twitter.com/VLFwuPwXQV
— Bitcoin Magazine (@BitcoinMagazine) August 5, 2024
Semler adopted a Bitcoin treasury strategy in May 2024, following other public companies like MicroStrategy. Since then, it has been aggressively bullish on Bitcoin, calling it a “compelling investment.”
“We continue to believe that Bitcoin is a compelling investment and plan to purchase additional Bitcoin using our cash from operations,” said Semler CEO Eric Semler.
“We plan to purchase additional Bitcoin using our funds from operations, as well as cash proceeds from the sale of securities under our $150 million registration statement, once it becomes effective,” he added.
On May 28, Semler bought 581 bitcoins for $40 million. He then followed that up with 247 bitcoins for $17 million on June 6 and another 49 bitcoins for $3 million on June 28. As of August 5, his 929 bitcoins were worth more than $63 million.
Semler closely mimics MicroStrategy’s Bitcoin strategy. Since 2020, MicroStrategy has bought over 220,000 Bitcoins worth billions of dollars, making it the largest holding of Bitcoin. Its bet on Bitcoin has significantly increased MicroStrategy’s enterprise value.
Other public companies in the technology and financial services space, such as Tesla, Block, and Mercado Bitcoin, have also added bitcoin to their balance sheets. More than 50 public companies hold bitcoin on their books.
Bitcoin’s network effects and game theory are what drive businesses to adopt this currency. As more and more businesses buy Bitcoin as a reserve asset, it drives other businesses to follow suit to avoid missing out.