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November 5, 2024Semler Scientific Continues Bitcoin Accumulation, Becomes 17th-Largest Corporate Holder
Semler Scientific has announced its continued strategy of acquiring Bitcoin, following the release of its third-quarter results for 2023, which showed the company added another $2.6 million worth of Bitcoin to its holdings after the quarter ended.
In a statement issued on November 4, CEO Doug Murphy-Chutorian reaffirmed the company’s commitment to Bitcoin acquisition while balancing its growth and innovation in the healthcare sector. He said, “We remain laser-focused on acquiring and holding Bitcoin, while supporting innovation and growth in our healthcare business.”
Bitcoin Holdings and Financial Strategy
As of November 4, Semler Scientific holds a total of 1,058 Bitcoin (BTC), which it purchased at an all-in cost of approximately $71 million. Over the third quarter, Semler spent $8.4 million to acquire 141 BTC, and since then, the company has added an additional 40 BTC for $2.6 million. This brings the total value of its Bitcoin holdings to nearly $72 million, given Bitcoin’s price hovering around $68,000.
Semler’s Bitcoin investments have made it the 17th-largest Bitcoin holder among publicly traded companies, ahead of Japan’s Metaplanet, which holds 1,018.17 BTC.
Semler Scientific’s Bitcoin strategy involves utilizing cash from operations and proceeds from its ATM (at-the-market) program to fund further Bitcoin purchases. Chairman Eric Semler emphasized that the company will continue acquiring Bitcoin, stating, “We are capitalizing on the opportunity to maximize stakeholder value by accumulating Bitcoin.”
The company is also exploring additional financing opportunities to expand its Bitcoin holdings even further, signaling that its strategy may continue to grow in the coming months.
Stock Performance and Quarterly Results
Semler’s stock price saw a 3.44% rise in after-hours trading on November 4, closing at $31, after a 2.31% decline during regular trading hours. Year-to-date, however, Semler’s share price has dropped 32.2%.
Semler’s Q3 2023 financial results showed a mixed performance compared to the same period last year. While its quarterly revenue decreased by 17% to $13.5 million, the company saw a 2% increase in net income, which rose to $5.6 million.
Semler Scientific’s continued investment in Bitcoin underscores the growing trend among corporate entities to incorporate cryptocurrency into their balance sheets. The company’s strategic approach to Bitcoin accumulation, paired with its efforts in healthcare, positions it as an interesting player in both industries. The latest acquisitions, as well as the company’s exploration of further financing options, suggest that Semler is planning to continue building its crypto reserves, potentially adding more volatility—and value—to its portfolio in the months ahead.
