The medical equipment manufacturer Semler Scientific invested $40 million to purchase Bitcoin.

2024-05-28 19:23:14

Semler Scientific spends 40 million USD to buy 581 Bitcoin at an average price of around 68,850 USD, recognizing the "store of value" potential of this asset type.

The medical equipment manufacturer Semler Scientific invested 40 million USD to purchase Bitcoin

According to this morning’s press release, medical equipment manufacturer Semler Scientific has disclosed the purchase of 581 Bitcoins at a price of 40 million USD as its primary reserve asset.

Sharing about the decision to choose Bitcoin as a reserve asset, company Chairman Eric Semler remarked, “Bitcoin is currently a significant asset with a market value of over 1 trillion USD”.

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“We believe Bitcoin has unique characteristics as a scarce and limited asset, serving as a reasonable hedge against inflation and a safe haven in the context of global instability. We also believe that Bitcoin’s digital flexibility makes it more popular than gold, which has a market value of about 10 times BTC.”

Furthermore, Semler Scientific’s decision is bolstered by the increasing global acceptance of Bitcoin - reflected in the SEC’s approval of 11 spot Bitcoin ETFs in January.

Semler Scientific provides marketing technology products and services to healthcare service providers to combat chronic diseases. According to the latest profit report as of the end of Q1, the company has a market capitalization of under 200 million USD, holding cash and cash equivalents worth 62.9 million USD. Q1 revenue reached 15.9 million USD and cash flow from operating activities was 6.1 million USD.

The latest announcement has made the stock code SMLR of the company “soar” 26.35% in the first trading session on Tuesday morning according to US time. Currently, SMLR is priced at 29.46 USD, down 2% compared to the same period last year.

The stock price of Semler Scientific’s SMLR was captured at 09:55 PM on 28/05/2024. Source: Google Finance

This news comes at a time when more and more asset management organizations and traditional investment advisory firms are showing interest in digital assets through Bitcoin spot ETF products. Most recently, the Bitcoin spot ETF has attracted $163 million from the Wisconsin State Investment Board (SWIB), $270 million from Morgan Stanley, and $2 billion from the Millennium Management hedge fund.

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