Semler Scientific, a publicly traded medical technology company, announced that it had purchased an additional $6 million worth of bitcoin. This latest purchase brings its total bitcoin holdings to 929 btc, worth $63 million.
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BREAKING NEWS: Public company Semler Scientific buys 101 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin for $6 million. image.twitter.com/VLFwuPwXQV
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1820593147979939868?ref_src=twsrc%5Etfw”>August 5, 2024
Semler adopted a bitcoin treasury strategy in May 2024, following the lead of other public companies such as MicroStrategy. Since then, it has been aggressively acquiring bitcoin, calling it an “attractive investment.”
“We continue to strongly believe that bitcoin is an attractive investment and plan to acquire additional Bitcoins with our cash from operations,” said Semler President Eric Semler.
He added: “We plan to acquire additional bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our $150.0 million registration statement, once it becomes effective.”
On May 28, Semler purchased 581 btc for $40 million. On June 6, he bought 247 btc for $17 million, and on June 28, he bought another 49 btc for $3 million. As of August 5, his 929 btc are worth over $63 million.
Semler is closely mimicking MicroStrategy’s strategy regarding bitcoin. Since 2020, MicroStrategy has purchased over 220,000 btc worth billions, making it the largest corporate shareholder. Its bet on bitcoin has dramatically increased MicroStrategy’s enterprise value.
Other public technology and financial services companies, such as Tesla, Block and Mercado bitcoin, have also added bitcoin to their balance sheets. More than 50 public companies have bitcoin on their books.
bitcoin’s network effects and game theory are driving this corporate adoption. As more companies buy bitcoin as a reserve asset, this prompts other companies to follow suit so as not to miss out on opportunities.
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