Semler Scientific Expands Bitcoin Holdings to $184 Million

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Cryptodnes2024/12/07 05:11

By:Cryptodnes

Semler Scientific, a healthcare company based in California, has expanded its Bitcoin holdings, acquiring an additional 303 BTC for $29.3 million between November 25 and December 4.

This latest purchase brings its total Bitcoin holdings to 1,873 BTC, valued at approximately $184 million based on current market prices.

The company bought the Bitcoin at an average price of $96,779 each, factoring in fees and expenses. In total, Semler has invested $147.1 million in Bitcoin, purchasing the cryptocurrency at an average price of $78,553 per coin.

Eric Semler, Chairman of Semler’s Board of Directors, celebrated the firm’s Bitcoin strategy, noting a remarkable 78.7% return on its Bitcoin investments since the approach was implemented in the third quarter. This return is seen as a key indicator of the effectiveness of the company’s strategy, which involves funding these Bitcoin acquisitions by issuing new common stock.

One More U.S State Wants to Add Bitcoin to its Reserves

With its growing Bitcoin treasury, Semler Scientific has climbed to the 14th position among institutional Bitcoin holders, ranking just behind prominent companies like MicroStrategy and Marathon Digital.

Although news of the company’s increased Bitcoin holdings did not immediately boost its stock, which closed down 7.65% at $58.55, there was a slight recovery in after-hours trading with a 1.3% increase. Despite the stock dip, Semler Scientific’s shares have risen 32.5% year-to-date and 46% over the past month, reflecting investor optimism.

The company’s strategic Bitcoin investment highlights a growing institutional confidence in the cryptocurrency as a long-term asset, mirroring a broader trend of businesses incorporating Bitcoin into their financial strategies.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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