Medical diagnostics company Semler Scientific has acquired an additional 47 BTC for $3 million using operating cash flow since its previous disclosure in August. Alongside its third-quarter results, the company revealed that its bitcoin holdings have reached 1,058.
This stash is worth around $80 million in total purchases as of November 8th due to recent price appreciation.
“Laser Focused” on Bitcoin
Semler Scientific posted $13.5 million in revenue for Q3, a 17% decrease. Operating income was $5.1 million, down $1.2 million from Q2. Despite this, it remains “laser-focused” on acquiring and holding Bitcoin.
According to Semler Scientific’s chairman, Eric Semler, the company is seizing an opportunity to boost value for stakeholders by expanding its bitcoin reserves. Moving forward, Semler aims to continue buying bitcoin with both operational cash and funds from the at-the-market (ATM) sales program while also exploring other financing methods to expand these acquisitions.
Weighing on the company’s BTC focus, Doug Murphy-Chutorian, MD, chief executive officer of Semler Scientific, commented,
“We are pleased to report strong performance from our healthcare business with income from operations of $5.1 million in the third quarter. We remain laser-focused on acquiring and holding bitcoin, while supporting innovation and growth in our healthcare business.”
With these acquisitions, Semler became the 17th-largest public company holding the cryptocurrency, placing it ahead of Japan’s Metaplanet, which currently owns 1,015.2 BTC, as per data compiled by Bitcoin Treasuries.
Corporate Bitcoin Trend Accelerates:
Over the past few years, a rising trend has seen companies investing in bitcoin as a strategic asset on their balance sheets. MicroStrategy, under the leadership of former CEO Michael Saylor, is frequently credited with starting this trend among public corporations.
In 2020, Saylor announced the company’s large-scale bitcoin investment, citing it as a more effective store of value than cash. MicroStrategy’s holdings now total 252,220 BTC, ranking it among the top corporate bitcoin holders.
Several companies have followed its footsteps, including Semlar which first announced that it adopted BTC as its primary treasury reserve asset in May this year, citing bitcoin’s scarcity, fixed supply, and potential as an inflation hedge and safe haven amid global uncertainties.
The California-based med-tech company began this strategy with an initial purchase of 581 bitcoins for $40 million, including taxes and expenses, and confirmed it has no plans to buy other cryptocurrencies.
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