Santa Clara-based technology company Semler Scientific (SMLR) recently disclosed that it has purchased an additional 47 Bitcoin (BTC), bringing its total value to 1,058 BTC.
Semler Scientific Continues to Expand Its BTC Holdings
Semler Scientific, a Nasdaq-listed health manufacturer, has announced that it has purchased an additional 47 BTC for $3 million. This acquisition comes as Bitcoin remains about 7% below its all-time high (ATH).
The firm raised 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 company’s Q3 2024 report.
The purchase, valued at $3 million, raised the value of Semler Scientific’s stock to 1,058 BTC. The company has indicated that it plans to continue buying BTC.
Commenting on this development, Doug Murphy-Chutorian, CEO of Semler Scientific, said:
We remain focused on earning and holding bitcoin, while supporting the establishment and growth of our healthcare business.
Semler Scientific started its BTC acquisition journey in May 2024, when it bought 581 BTC for 40 million dollars. Later in September, the company added 83 BTC in its reserves – bought for 5 million dollars.
The company appears to be following a strategy similar to MicroStrategy’s ( MSTR ). Eric Semler, the chairman of Semler Scientific, suggested that the company is looking for additional funding opportunities to get more BTC, MicroStrategy mirrors.
Apart from this, Semler Scientific’s stock performance this is not the case align with the MSTR trace. SMLR closed at $29.97 on November 5, down 2.31% on the day. While the stock has risen 8.31% over the past six months, it remains down 32.16% year to date (YTD).
In contrast, MSTR has risen 225.44% significantly on a YTD basis. In the last six months, the stock price has increased by 75.75%, although the stock took a beating last month, falling by 15.47%.
Semler’s Q3 2024 report shows that net income increased to $5.6 million, from $5.5 million in Q3 2023.
Corporate Bitcoin Reserves Are Becoming A Common Trend
Besides Semler Scientific, MicroStrategy, and Tesla, a growing number of companies are slowly warming up to the idea of ​​having a place to store BTC.
Recently, the Japanese company Metaplanet announced that it had added another 108 BTC, bringing the company closer to its ambitious goal of holding 1,000 BTC.
This trend of adding BTC to corporate balance sheets is not surprising, as several veteran analysts have expressed confidence in BTC’s long-term prospects.
For example, analysts of the research firm Bernstein recently predicted that BTC reaching $200,000 by the end of 2025 is the ‘ultimate’ estimate. BTC is trading at $69,236 at press time, up 0.9% in the last 24 hours.
Featured image from Unsplash.com, Charts from Google Finance and TradingView.com
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