Medical technology firm Semler Scientific has doubled down on its plan to purchase Bitcoin for its treasury, announcing that it has purchased a further $17 million worth of BTC and plans to buy up to $150 million more.
In a press release, the firm revealed that it had acquired 247 BTC for an aggregate $17 million in cash, including fees and expenses. The purchase brings its total Bitcoin holdings to 828 BTC, worth almost $59 million at current prices.
"Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin," said Semler CEO Doug Murphy-Chutorian in a statement accompanying the release. He added that the firm views Bitcoin as a "compelling investment" that can serve as a "reliable store of value."
Murphy-Chutorian stated that Semler will continue to puruse its Bitcoin purchasing strategy. In a Form S-3 filing to the U.S. Securities and Exchange Commission (SEC), the firm revealed that it plans to raise up to $150 million through sales of debt securities, with the proceeds going towards "general corporate purposes, including the acquisition of bitcoin."
Semler Scientific stock (SMLR) gained 3.06% in pre-market trading Friday, taking it to $30.02.
Semler Scientific's Bitcoin strategy
Medical device manufacturer Semler Scientific first announced plans to adopt Bitcoin as its "primary treasury reserve asset" in May, with the purchase of 581 BTC for $40 million, including fees and expenses.
At the time, the firm's chairman Eric Semler argued that Bitcoin has "the potential to generate outsize returns as it gains increasing acceptance as digital gold."
Semler Scientific is one of a number of companies to adopt a strategy of buying Bitcoin for its corporate treasury, following in the footsteps of software firm MicroStrategy. Under the leadership of founder and chairman Michael Saylor, MicroStrategy has purchased 214,000 BTC, now worth over $15 billion.
Other companies have followed suit, including Japanese real estate firm Metaplanet and Argentinian e-commerce company MercadoLibre. Indeed, Semler Scientific still has some way to go before it makes the list of the top 10 publicly traded companies holding Bitcoin in their treasuries.
Edited by Stacy Elliott.