Semler Scientific Acquires More Bitcoin

Healthcare tech company Semler Scientific has purchased an additional 47 bitcoin for $3 million, bringing its total holdings to 1,058 bitcoin as part of its ongoing acquisition strategy.

The Nasdaq-traded firm announced this move on Monday alongside its third-quarter earnings results.

> “We remain laser-focused on acquiring and holding bitcoin, while supporting innovation and growth in our healthcare business,” said Doug Murphy-Chutorian, CEO of Semler Scientific.

Semler Scientific’s stock closed down 2.3% at $29.97 on Monday but jumped 3.4% in after-hours trading. Despite an 18.1% increase over the past month, the stock remains down 32.1% year-to-date, according to Google Finance.

The company states that it has adopted bitcoin as its primary treasury asset. In the third quarter, Semler Scientific purchased 141 bitcoin for $8.4 million. This strategy is similar to that of MicroStrategy, which holds 252,220 BTC and is the largest public corporate holder of bitcoin.

> “We are capitalizing on the opportunity to maximize stakeholder value by accumulating bitcoin,” said Eric Semler, chairman of Semler Scientific. “We plan to continue to purchase bitcoin with cash from operations and with cash proceeds from our sales under our ATM program. In addition, we are exploring financing opportunities to acquire more bitcoin.”

Semler Scientific's at-the-market (ATM) program became effective on August 13, allowing it to issue and sell up to $50 million of common stock periodically. As of September 30, the company had sold 86,734 shares under this agreement for $2.5 million.

According to their latest earnings report, the company's third-quarter net income expanded to $5.6 million, compared to $5.5 million in the same period last year. The company reported $13.5 million in revenues in the third quarter, down 17% year over year.