As a seasoned researcher with over two decades of experience in the financial industry, I find Semler Scientific’s strategic move to increase its Bitcoin reserves intriguing. In my career, I’ve witnessed numerous companies diversifying their portfolios, but few have taken such a bold step as this publicly traded medical device maker.
Semler Scientific has invested $3 million to boost its Bitcoin reserves, now holding a total of 929 Bitcoins.
Semler Scientific, a publicly-traded company specializing in medical devices, has increased its commitment to its corporate strategy that involves purchasing Bitcoin (BTC). This recent deal added several million dollars to their cryptocurrency holdings.
On August 5th, as detailed in their Q2 financial results published on that date, Semler Scientific announced they had purchased an extra 52 Bitcoins for approximately $3 million. This addition increased their total cryptocurrency reserves to 929 Bitcoins. Doug Murphy-Chutorian, CEO of the company, stated that Semler Scientific continues to be dedicated to acquiring Bitcoin and maintaining its healthcare business, with a keen focus on this strategy.
“Our conviction in Bitcoin as a valuable investment remains strong. We intend to purchase more Bitcoins using funds from our operational profits and also from the proceeds of selling securities, once our $150 million shelf registration statement becomes active.”
Doug Murphy-Chutorian
In Q2 of this year, Semler Scientific’s earnings were $14.5 million, representing a 22% drop compared to the same quarter in 2023, according to the financial results statement. Despite their efforts to boost Bitcoin holdings, the release of these figures caused a 7.5% decrease in Semler Scientific’s share price to $8.22, as indicated by data from Google Finance.
Semler Scientific says Bitcoin is “compelling investment”
In late May, the healthcare company based in Santa Clara revealed its intention to begin purchasing Bitcoin. This was followed by a purchase of 581 Bitcoins for approximately $40 million.
During that period, Eric Semler, chairman of Semler Scientific, stated that their Bitcoin treasury approach reflects their conviction that Bitcoin functions as a “trustworthy form of wealth and an attractive investment.” Moreover, he mentioned that their medical technology firm recognizes the “distinctive attributes” of Bitcoin, such as its scarcity and limited supply, making it a potential “effective protection against inflation and a secure haven during global turmoil.”
Following the recent acquisition, Semler Scientific has moved up to the 19th position among global publicly traded companies with Bitcoin holdings on their ledgers, outpacing Bitfarms, a Canadian Bitcoin mining firm, according to Bitcoin Treasuries’ latest data.
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2024-08-06 10:14