Bitcoin Acquisition Continues: Semler Scientific Increases Holdings To 1,058 BTC

Santa Clara-based healthcare tech company Semler Scientific (SMLR) recently disclosed that it purchased an additional 47 Bitcoin (BTC), bringing its total holdings to 1,058 BTC.

Semler Scientific Continues To Increase Its BTC Holdings

Semler Scientific, a Nasdaq-listed healthcare manufacturer, announced that it bought an additional 47 BTC for $3 million. This acquisition comes as Bitcoin remains about 7% below its all-time high (ATH) value.

The firm accumulated 141 BTC between July and September for $8.4 million. The latest purchase of 47 BTC was made between the end of September and November 4, according to the firm’s Q3 2024 report.

The acquisition, valued at $3 million, has increased Semler Scientific’s total holdings to 1,058 BTC. The company indicated it plans to continue purchasing BTC.

Commenting on the development, Doug Murphy-Chutorian, chief executive officer of Semler Scientific, said:

We remain laser-focused on acquiring and holding bitcoin, while supporting innovation and growth in our healthcare business.

Semler Scientific embarked on its BTC acquisition journey in May 2024, when it purchased 581 BTC for $40 million. Later in September, the firm added 83 BTC to its reserves – purchased for $5 million. 

The company seems to follow a strategy similar to MicroStrategy’s (MSTR) approach. Eric Semler, chairman of Semler Scientific, suggested that the company is exploring additional financing opportunities to acquire more BTC, mirroring MicroStrategy’s approach.

Despite this, Semler Scientific’s stock performance doesn’t align with MSTR’s trajectory. SMLR closed at $29.97 on November 5, down 2.31% for the day. Although the stock has risen by 8.31% over the last six months, it remains down 32.16% year-to-date (YTD).

In contrast, MSTR is up a remarkable 225.44% on a YTD basis. In the past six months, the stock price has risen by 75.75%, although the stock has taken a beating in the past month, sliding by 15.47%.

Semler’s Q3 2024 report shows that its net income increased to $5.6 million, up from $5.5 million in Q3 2023.

Company Bitcoin Reserves Becoming A Common Trend

Besides Semler Scientific, MicroStrategy, and Tesla, an increasing number of companies are gradually warming up to the idea of having a BTC reserve. 

Most recently, Japanese firm Metaplanet announced that it had bagged another 108 BTC, getting the firm closer to its ambitious target of holding 1,000 BTC.

This trend of adding BTC to corporate balance sheets is unsurprising, as several seasoned analysts have expressed optimism about BTC’s long-term prospects.

For instance, analysts at research firm Bernstein recently predicted that BTC reaching $200,000 by the end of 2025 is a ‘conservative’ estimate. BTC trades at $69,236 at press time, up 0.9% in the past 24 hours.