Semler Scientific increases Bitcoin buying says CEO

Medical device firm Semler Scientific is aggressively adding Bitcoin (CRYPTO:BTC) to its portfolio, spending $71 million to acquire 1,058 BTC, including 181 BTC acquired since Q3.

The company invested $8.4 million in 141 BTC during Q3, ending September, and added another 40 BTC for $2.6 million in October and early November.

CEO Doug Murphy-Chutorian stated, “We remain laser-focused on acquiring and holding Bitcoin, while supporting innovation and growth in our healthcare business.”

As of Nov. 4, Semler’s Bitcoin holdings are worth nearly $72 million, as Bitcoin trades around $68,000, putting the company at 17th in Bitcoin holdings among publicly traded firms.

This positioning moves Semler ahead of Japanese investment firm Metaplanet, which holds 1,018.17 BTC, according to Bitcoin Treasures data (not yet updated with Semler's new total).

Semler chairman Eric Semler emphasised the strategy,“We are capitalizing on the opportunity to maximize stakeholder value by accumulating Bitcoin,'' says Semler Chairman Eric Semler.

The company plans to continue purchasing Bitcoin with cash from operations and proceeds from its ATM program, and is exploring financing options to acquire even more BTC.

Semler’s stock price rose 3.44% in after-hours trading on Nov. 4, closing at $31 following a daily decline of 2.31% to $29.97.

Despite the share price bump, Semler’s stock remains down 32.16% year-to-date.

The firm’s Q3 results showed mixed performance, with revenues falling 17% year-over-year to $13.5 million, while net income rose by 2% to $5.6 million compared to Q3 2023.