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Home News

Semler Scientific Boosts Bitcoin Holdings by $17M, Plans to Raise $150M to Acquire More

7 June 2024
in News
Reading Time: 3 mins read
102 7
Semler Scientific Boosts Bitcoin Holdings by $17M, Plans to Raise $150M to Acquire More

source: https://www.semlerscientific.com/

U.S. medical devices manufacturer Semler Scientific, which recently made headlines for adding Bitcoin (BTC) to its treasury, has further increased its holdings with an additional $17 million investment in the cryptocurrency.

This new purchase was disclosed in an S-3 filing to the U.S. Securities and Exchange Commission on June 6.

Semler now holds a total of 828 Bitcoins, valued at over $58.5 million. 

The SEC filing not only disclosed the new Bitcoin investment but also underscored the company’s unwavering confidence in Bitcoin as a treasury reserve asset. It described cryptocurrency as a ‘reasonable inflation hedge and safe haven amid global instability.’

Doug Murphy-Chutorian, Semler’s CEO, highlighted that the Bitcoin investment strategy has become a primary focus for the company alongside its core healthcare business. 

Notably, Semler reiterated that it has no plans to invest in other cryptocurrencies.

Semler Scientific previously announced in May 2024 that its company’s board of directors had voted to adopt Bitcoin as its primary reserve asset because of its long-term value and potential growth. 

Eric Semler, chairman of the board, pointed out that Bitcoin is an asset class with a market value greater than $1 trillion, which has unique properties as a scarce, finite asset that can be an inflation hedge and safe haven in times of global instability. At the time, the company acquired 581 Bitcoins for $40 million.

Meanwhile, Semler announced new plans to raise to $150 million through the issuance of debt securities, with a portion of the proceeds earmarked for further Bitcoin acquisitions. 

The company outlined its intentions in the SEC filing, noting,

“We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of Bitcoin.”

Despite the news of the additional Bitcoin purchase, Semler’s stock (SMLR) saw a slight decline, falling 2.5% to $29.13 on June 6, according to Google Finance data.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BitcoinSemler Scientific
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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