Medical device manufacturer Semler Scientific (NASDAQ: SMLR) Announce It acquired an additional 247 BTC for $17 million in cash, bringing its total holdings to 828 BTC. The company also plans to raise $150 million to expand its Bitcoin reserves.
JUST IN: Black Rock Spot #Bitcoin ETF IBIT received $347.1 million in inflows today. pic.twitter.com/SIKByVcctA
– Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
Semler caused a stir last month when it adopted Bitcoin as its currency Primary treasury reserve assets, imitating MicroStrategy's influential Bitcoin accumulation strategy. After her initial purchase of 581 Bitcoin, Semler continually acquired more coins.
“Semler remains focused on our strategy of expanding our healthcare business and acquiring and holding bitcoin. We will continue to pursue our strategy of purchasing bitcoin with cash,” CEO Doug Murphy Chutorian said.
Company S-3 ft The Securities and Exchange Commission has formed its plan to raise $150 million in debt, part of which will go toward buying more Bitcoin. Semler noted in the filing that it views bitcoin as a “reasonable inflation hedge and safe haven amid global instability.”
Semler follows in the footsteps of MicroStrategy, which has raised more than 200,000 Bitcoin and spurred the recent trend of public companies adding Bitcoin to their balance sheets. After MicroStrategy went on a Bitcoin buying spree in 2020, its stock price skyrocketed as investors responded positively.
Other companies like Japanese public company Metaplanet have also started following MicroStrategy's Bitcoin treasury allocation playbook this year. They realize that holding scarce assets like Bitcoin can enhance their enterprise value.
This shows Bitcoin game theory in action, as companies increasingly embrace Bitcoin to maximize shareholder value. Semler's continued acquisition of Bitcoin reflects its belief that adding it to its balance sheet can significantly boost its business.
As this latest trend gains mainstream validation, more public companies will likely turn to Bitcoin and follow Microstrategy's playbook.
