Nasdaq-listed medical device maker Semler Scientific has increased its holdings of Bitcoin (BTC), acquiring an additional 303 BTC for $29.3 million. The company continues to double down on its MicroStrategy-inspired corporate treasury strategy.
Bitcoin’s High Price Is Not a Barrier to Buying
Bitcoin made history this week by surpassing the $100,000 price level for the first time, pushing its total market capitalization past $2 trillion. Despite the record high price of BTC, buyers of companies like Semler Scientific remain undeterred and continue to accumulate the leading cryptocurrency.
According to the latter announcementSemler Scientific added another 303 BTC to its holdings. Notably, the latest purchases were made from November 25 to December 4, for an average price of $96,779, including fees and charges.
This brings the company’s total Bitcoin Holdings to 1,873 BTC, acquired at a combined value of $147.1 million and an average purchase price of $78,553 per BTC. These large investments place Semler Scientific among the top listed companies that hold BTC as part of a treasury business strategy.
Semler’s BTC yield from October 1 to December 4 stands at 54.7%. This is low compared to the yield from July 1 – when it accepted BTC as a business asset – until December 4, which was 78.7%. Commenting, Eric Semler, chairman of Semler Scientific, said:
We are very happy to report a BTC Yield of 78.7%. In addition, we have sought approval from the options exchange to allow trading of options on our stock as we believe we satisfy their eligibility requirements.
To be clear, BTC yield is a key performance metric that Semler uses to evaluate the effectiveness of his Bitcoin investment strategy, which aims to maximize shareholder value. The company also uses this metric to help investors understand its decision to finance BTC purchases by issuing additional common stock.
Is Semler Scientific’s BTC Holdings Stack Against Other Companies?
Semler Scientific first revealed its strategy to acquire BTC earlier this year in May with the purchase of 581 BTC for 40 million dollars. Since then, the company has gone on to buy more BTC, balloon its total BTC amount reaches 1,873 as of today.
The company’s recent purchase of BTC pushed it to 14th place – surpassing Japanese firm Nexon with 1,717 BTC – on the list of publicly traded companies holding BTC as part of a treasury business strategy.
The leader in this space resides in the US-based business intelligence firm MicroStrategy, which it continues making significant Bitcoin purchases worth billions of dollars. MicroStrategy currently holds about 2% of the total Bitcoin supply of 21 million.
Following MicroStrategy are crypto mining companies MARA with 33.875 BTC, Riot Platforms holding 10,019 BTC, and Elon Musk’s Tesla with 9,720 BTC. At press time, BTC is trading at $99,355, down 3.8% in the last 24 hours.
Featured image from Unsplash.com, Charts from Bitcoin Treasuries and TradingView.com
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