Medical Device Manufacturer Semler Scientific (Nasdaq: SMLR) Announced The company acquired an additional 247 Bitcoin for $17 million in cash, bringing its total holdings to 828. The company also plans to raise $150 million to increase its Bitcoin reserves.
Latest Update: Black Rock Spot #Bitcoin ETF IBIT saw inflows of $347.1 million today. pic.twitter.com/SIKByVcctA
— Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
Semler made headlines last month when it announced it would accept Bitcoin as a form of payment. Major financial reserve assetsIt mimicked the Bitcoin accumulation strategy of influential firm MicroStrategy. After purchasing his initial 581 Bitcoin, Semler continually acquired coins.
CEO Doug Murphy-Chutrian said, “Semler remains focused on two strategies: expanding our healthcare business and acquiring and holding Bitcoin. We will continue to pursue a strategy of purchasing Bitcoin with cash.”
company Submitted S-3 Semler filed documents with the SEC outlining plans to raise $150 million in debt, some of which will be used to purchase Bitcoin, noting in the filing that Semler views Bitcoin as “a reasonable inflation hedge and safe haven amid global volatility.”
Semler said, MicroStrategyMicroStrategy owns more than 200,000 Bitcoin, kicking off the recent trend of publicly traded companies adding Bitcoin to their balance sheets. After MicroStrategy began buying Bitcoin in 2020, investors responded favorably, causing its stock price to rise dramatically.
Other companies, such as Japanese public companies Metaplanet Earlier this year, I also began following MicroStrategy’s Bitcoin Financial Allocation Strategy, recognizing that holding rare assets like Bitcoin has the potential to increase company value.
This shows Bitcoin’s game theory at work as companies increasingly adopt it to maximize shareholder value. Semler’s continued Bitcoin purchases reflect the company’s belief that adding Bitcoin to its balance sheet can significantly strengthen its business.
As this recent trend gains mainstream acceptance, more publicly traded companies will likely warm to Bitcoin and follow MicroStrategy’s playbook.
