Semler Scientific, a publicly traded medical device company with a growing focus on Bitcoin, reported a strong 22.2% year-to-date Bitcoin yield in its Q1 2025 earnings released on May 13.
This performance, driven by both realized and unrealized gains from its Bitcoin treasury strategy, positioned the company ahead of other major corporate BTC holders such as Strategy and Riot Platforms. In terms of financial impact, Semler recorded a $41.6 million gain from Bitcoin in the first quarter, which increased to $52 million by May 12.
$SMLR reports first quarter 2025 financial results and acquires 174 #Bitcoins for $17.8 million and has generated BTC Yield of 22.2% YTD. Now holding 3,808 $BTC. ????
— Eric Semler (@SemlerEric) May 13, 2025
Building on this momentum, the company disclosed in its Q1 report that it had acquired 894 BTC for $90.7 million during the quarter, bringing its total Bitcoin holdings to 3,192 BTC as of March 31. These holdings had a fair value of $263.5 million at the time, although that reflected a cumulative decrease of $16.9 million in fair value. Subsequently, between the end of March and May 12, Semler added another 616 BTC for $59.6 million.
However, beyond its Bitcoin strategy, Semler faced operational headwinds. The company reported Q1 revenue of $8.8 million—a steep 44% decline year-over-year—highlighting challenges in its core medical device business. Compounding this, operating expenses surged to $39.9 million, largely due to a $29.8 million contingent liability related to a potential settlement with the U.S. Department of Justice. As a result, the company posted a net loss of $64.7 million, or $6.74 per share, compared to a net income of $6.1 million in the same quarter last year
The company has announced plans to raise up to $500 million through a new securities offering, aimed at enhancing its financial flexibility and expanding its Bitcoin holdings. According to a recent S-3 filing with the U.S. Securities and Exchange Commission (SEC), the offering may include a mix of common stock, preferred shares, debt securities, warrants, and units—indicating a broad, long-term capital-raising strategy to support its evolving business model.
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