Medical device manufacturer Semler Scientific (Nasdaq: SMLR) announced it has purchased an additional 247 Bitcoin for $17 million in cash, increasing its total holdings to 828 Bitcoin. The company also plans to raise $150 million to further bolster its Bitcoin reserves.

Last month, Semler made headlines by adopting Bitcoin as its primary treasury reserve asset, emulating MicroStrategy's notable corporate Bitcoin accumulation strategy. Following an initial purchase of 581 Bitcoin, Semler has continued to buy more.

CEO Doug Murphy-Chutorian stated, "Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding Bitcoin. We will continue to pursue our strategy of purchasing Bitcoins with cash."

The company filed an S-3 form with the SEC to outline its plan to raise $150 million in debt, with a portion allocated to buying more Bitcoin. In the filing, Semler described Bitcoin as a "reasonable inflation hedge and safe haven amid global instability."

Semler is following the example of MicroStrategy, which has amassed over 200,000 Bitcoin and spurred the trend of public companies adding Bitcoin to their balance sheets. MicroStrategy's initial Bitcoin purchases in 2020 led to a significant rise in its stock price, driven by positive investor response.

Japanese public company Metaplanet has also begun to adopt MicroStrategy's Bitcoin treasury strategy this year, recognizing the potential for holding a scarce asset like Bitcoin to enhance enterprise value.

This shift illustrates Bitcoin's influence as more corporations adopt it to maximize shareholder value. Semler's ongoing Bitcoin acquisitions underscore its belief that adding Bitcoin to its balance sheet can potentially improve its business.

Share this article
The link has been copied!