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The company now holds a total of 1,873 BTC in its corporate treasury.
Healthcare Technology Company Sells Shares To Buy Bitcoin
Medical device firm Semler Scientific (Nasdaq: SMLR) purchased 303 bitcoin (BTC) between November 25 and December 4, bringing its total bitcoin holdings to 1,873, worth nearly $190 million at current prices.
The purchase cost $29.3 million and was funded by proceeds generated from its at-the-market (ATM) offering where Semler issued and sold new common stock.
ATM offerings allow public companies to issue and sell shares at market prices via a sales agent – Cantor Fitzgerald & Co. in Semler’s case, according to the company’s press release.
Semler now boasts the fourteenth largest corporate stash of BTC among public companies, as tracked by the website Bitcoin Treasuries. The firm implemented its bitcoin treasury strategy earlier this year in May when it purchased 581 BTC for $40 million.
The medical device provider believes purchasing bitcoin will be “accretive to stockholders,” according to the release.
“Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment,” said company Chairman Eric Semler.
Eric Semler, who is also president of financial services firm TCS Capital Management, bought his first bitcoin in 2016 according to reporting by Coindesk. He would later become so inspired by Microstrategy’s successful implementation of a bitcoin treasury strategy that his own firm eventually adopted the practice. Microstrategy is currently the largest public corporate holder of bitcoin in the world at 402,100 BTC, worth roughly $40 billion at current prices.
After Eric Semler posted about his company’s bitcoin purchase on X, Microstrategy Chairman Michael Saylor quoted the post and said, “$SMLR is a company on the Bitcoin Standard,” to which Eric Semler responded with a finger pointing emoji.
Bitcoin.com asked Semler Scientific’s management if Saylor was involved in implementing their bitcoin treasury strategy but they declined to comment.
