Healthcare company Semler Scientific buys $3m in Bitcoin

Semler Scientific is increasing its Bitcoin reserve with a $3 million purchase, bringing its total holdings to 929 BTC.

Publicly traded medical device maker Semler Scientific is doubling down on its corporate strategy focused on buying Bitcoin (BTC), with the latest transaction boosting its crypto reserves by a few million dollars.

In financial results per Q2 published on Monday, Aug. 5, the company revealed that on the same day, it acquired an additional 52 BTC for an aggregate cost of $3 million, bringing the total amount of crypto reserves to 929 BTC. Semler Scientific chief executive Doug Murphy-Chutorian said the company remains “laser focused on acquiring and holding Bitcoin, while supporting and expanding our healthcare business.”

“We continue to firmly believe that Bitcoin is a compelling investment and plan on acquiring additional Bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our $150 million shelf registration statement, once effective.”

Doug Murphy-Chutorian

In Q2, Semler Scientific’s revenues were $14.5 million, a 22% decrease compared to $18.6 million during the corresponding period of 2023, the financial results report reads. Despite the company’s commitment to increasing its Bitcoin reserves, Semler Scientific’s shares fell by 7.5% to $8.22 following the report, per data from Google Finance.

Semler Scientific says Bitcoin is “compelling investment”

The Santa Clara-headquartered healthcare company first announced plans to start buying Bitcoin in late May, when it acquired 581 BTC for an aggregate amount of $40 million.

At the time, Semler Scientific’s chairman Eric Semler said the company’s Bitcoin treasury strategy underscores its belief that Bitcoin is a “reliable store of value and a compelling investment.” He also added that the medical technology company believes in the “unique characteristics” of Bitcoin such as a scarce and finite asset that can serve as a “reasonable inflation hedge and safe haven amid global instability.”

With the latest purchase, Semler Scientific ranks 19th spot in the list of top public companies all over the world that hold Bitcoin on their balance sheet, surpassing Canadian Bitcoin mining company Bitfarms, per data from Bitcoin Treasuries.