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Semler Scientific aims to raise $75 million in convertible senior notes to fund future bitcoin purchases.
The healthcare software and technology company also plans to expand its bitcoin holdings after its existing investment in the leading cryptocurrency hit an unrealized gain of $28.9 million, according to Q4 2024. <a target="_blank" href="https://www.prnewswire.com/news-releases/semler-scientific-announces-select-preliminary-unaudited-fourth-quarter-2024-financial-results-and-significant-unrealized-gain-from-change-in-fair-value-of-bitcoin-holdings-302359078.html”>earnings published by the company on January 23.
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<a target="_blank" href="https://twitter.com/search?q=%24SMLR&src=ctag&ref_src=twsrc%5Etfw”>$SMLR Announces Proposed Private Offering of $75 Million in Convertible Senior Notes and Preliminary Unaudited Q4 2024 Financial Results with Significant Gain from Change in Fair Value of bitcoin Holdings
-Eric Semler (@SemlerEric) <a target="_blank" href="https://twitter.com/SemlerEric/status/1882539748398428482?ref_src=twsrc%5Etfw”>January 23, 2025
The company's plans to raise $75 million to purchase additional btc comes after Semler Scientific acquired 237 btc on January 13, increasing its total holdings to 2,321 btc. Despite recent fluctuations, bitcoin is trading at around $105,000. This makes the company's bitcoin holdings worth approximately $241 million.
bitcoin acquisition by Semler Scientific
Semler Scientific first purchased bitcoin in May. The company joined a broader trend of publicly traded companies investing in the largest cryptocurrency by market capitalization, boosting the value of btc. Semler shares rose 30% after it reported purchasing 581 btc on May 28 last year.
“We are excited to continue executing our bitcoin treasury strategy,” Semler Scientific CEO Doug Murphy-Chutorian said in a statement about the btc acquisition.
In his statement last November, Murphy-Chutorian emphasized that Semler Scientific remains focused on acquiring and holding bitcoin.
Since then, bitcoin has hit several new all-time highs, peaking at $109,000 just before US President Donald Trump's inauguration on January 20.
According to Semler Scientific's preliminary financial results for the fourth quarter, revenue is estimated to be between $12.1 million and $12.5 million. Furthermore, the company's operating income ranges between $3.4 million and $3.7 million.
Semler (SMLR) shares closed down 1.55% on January 23 and fell another 12% in after-hours trading, reaching $53.75. <a target="_blank" href="https://www.google.com/finance/quote/SMLR:NASDAQ?sa=x&ved=2ahUKEwiIsreX0I2LAxUiSmwGHR5IN0wQ3ecFegQIPxAX”>according to Google Finance.
Over the past 12 months, SMLR saw an increase of over 38%. However, its current price is still below its all-time high of $149.99 set in October 2021.
Many other companies, such as artificial intelligence developer Genius Group, pharmaceutical company Hoth Therapeutics and Rumble, followed the trend and bought bitcoin. This strategy gained popularity after MicroStrategy paved the way.
After its last purchase between January 13 and January 20, MicroStrategy now owns 461,000 Bitcoins valued at $48 billion.
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