Semler Scientific has added $3 million to its Bitcoin reserve, increasing its total holdings to 929 BTC.
Semler Scientific, a publicly traded manufacturer of medical devices, is increasing the amount of money it has set aside for cryptocurrency with its most recent transaction, which is part of a corporate strategy centered around purchasing Bitcoin.
The company disclosed that on August 5, it acquired 52 more Bitcoin for a total cost of $3 million, increasing its total cryptocurrency holdings to 929 BTC in its Q2 financial results, which were released on Monday.
The company is still “laser-focused on acquiring and holding Bitcoin while supporting and expanding our healthcare business,” said Doug Murphy-Chutorian, chief executive of Semler Scientific. Doug Murphy-Chutorian:Â
“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.”
According to the financial results report, Semler Scientific’s revenues in Q2 were $14.5 million, a 22% drop from $18.6 million in the same period in 2023.
According to statistics from Google Finance, Semler Scientific’s shares dropped 7.5% to $8.22 after the story, despite the company’s pledge to increase its Bitcoin reserves.Â
The healthcare organization, with its headquarters in Santa Clara, first declared its intention to begin purchasing Bitcoin in late May.
At that time, it bought 581 BTC for $40 million. The company’s Bitcoin treasury strategy, according to Semler Scientific chairman Eric Semler at the time, emphasizes the company’s view that Bitcoin is a “reliable store of value and a compelling investment.”
The medical technology company, he continued, is confident of Bitcoin’s “unique characteristics,” which include its ability to be a scarce and limited asset that provides a “reasonable inflation hedge and safe haven amid global instability.”
According to data from Bitcoin Treasuries, with the most recent acquisition, Semler Scientific has surpassed Bitfarms, a Canadian Bitcoin mining firm, to take the 19th position on the list of the best public companies worldwide with Bitcoin on their balance sheet.
