Semler Scientific has purchased a total of 871 bitcoins (BTC) since Jan. 11, 2025, for which they have spent US$88.5 million, the company reported in a press release. This method of capital raising is very similar to that of an old acquaintance: like MicroStrategy, Semler Scientific issued convertible bonds to finance the coins.

The press release further stated: "The average purchase price of bitcoins was USD 101,616 per bitcoin, including all costs and expenses. As of February 3, 2025, Semler Scientific owned a total of 3,192 bitcoins, purchased for a total of USD 280.4 million at an average price of USD 87,854 per bitcoin, including all incidental expenses."

Despite this significant investment in bitcoin, the stock market seems unaffected by this accumulation, with SMLR shares losing about 10 percent since the beginning of the year. Meanwhile, the company's bitcoin investments have generated significant gains. Since launching its bitcoin treasury strategy on July 1, 2024, the company has posted gains of 152 percent.

"We are very pleased with the progress we are making in expanding our bitcoin holdings," said Eric Semler, president of Semler Scientific. "We were particularly pleased with our successful convertible bond offering, which was heavily oversubscribed due to investor demand."

That there is a high demand for bitcoin-backed convertible bonds on the capital market is also evidenced by the example of MicroStrategy. There is regularly more demand for these bonds, now issued at 0 percent interest, than there is supply. Recently, however, even at the world's largest listed bitcoin holder, the buying frenzy has stagnated: "MicroStrategy has not sold any Class A staples under its At-The-Market-Equity-Program and has not bought any new bitcoins," writes Michael Saylor in a new post on X.