News - Healthcare company Semler Scientific buys Bitcoin for US$40 million

By Luc Vesters

Healthcare company Semler Scientific buys Bitcoin for US$40 million

Bitcoin (BTC)
Crypto acceptance

MicroStrategy was just the beginning. After Metaplanet caused a sensation in Japan with a Bitcoin strategy, Nasdaq-listed healthcare company Semler Scientific is now also buying 581 BTC for a substantial US$40 million.

"We believe Bitcoin has unique characteristics as a scarce and finite asset that can serve as a suitable inflation hedge in times of global instability," said Chairman Eric Semler.

Bitcoin will become the company's main reserve. Since the announcement of the BTC strategy, Semler Scientific's share price has risen more than 20 percent.

Semler continued: "In addition, we are encouraged by the growing global acceptance and 'institutionalization' of Bitcoin, recently reflected in the SEC's approval of 11 exchange-traded Bitcoin ETFs in January 2024."

Despite the adoption of Bitcoin, Semler Scientific says it remains true to its core healthcare mission. The company develops innovative technologies to improve the treatment of chronic diseases.

Meanwhile, the cryptocurrency is trading at USD 68,550, representing a slight price increase of 1.15 percent from the previous day. Recently, however, Bitcoin failed to permanently cross the USD 70,000 mark.

According to the latest quarterly report, the company achieved revenue of USD 15.9 million. Net profit rose 22 percent to USD 6.1 million. At the end of March, Semler's balance sheet showed assets of US$84 million.

Just recently, Jack Dorsey's Block announced a new BTC savings plan. Meanwhile, MicroStrategy, the largest institutional Bitcoin holder, now owns 214,400 Bitcoin worth $13.5 billion.

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