Medical device company Semler Scientific announced that bitcoin-purchases-302230158.html”>bought 83 additional bitcoins for $5 million in cash. This latest purchase brings Semler’s total bitcoin holdings to 1,012 btc acquired for $68 million.
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BREAKING NEWS: Public company Semler Scientific buys another 83 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin worth $5 million. image.twitter.com/bQszFQcOF4
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1828044986463522848?ref_src=twsrc%5Etfw”>August 26, 2024
The move comes as Semler pursues a strategy to add bitcoin to its balance sheet. In May, the firm invested $40 million to purchase 654 btc in its first major bitcoin adoption. Semler said it views bitcoin as its primary treasury asset.
In June, Semler announced another acquisition of 247 btc for $17 million and said it planned to raise up to $150 million through a capital program to further increase its bitcoin holdings. Earlier this month, they purchased an additional 101 bitcoin worth $6 million.
“Semler remains focused on our two strategies: expanding our healthcare business and acquiring and holding bitcoin,” CEO Doug Murphy-Chutorian said in June. “We will continue to pursue our strategy of purchasing bitcoin with cash.”
Semler appears to be following MicroStrategy’s bitcoin treasury model. Since 2020, MicroStrategy has purchased more than 225,000 bitcoins worth billions of dollars. His bitcoin bets have dramatically increased the company’s enterprise value.
Other public companies, such as MARA, Metaplanet and others, have also added bitcoin to their balance sheets. More and more companies are realizing the potential benefits of holding bitcoin as a reserve asset and hedge against inflation.
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