Semler Scientific announced that Bitcoin would become its principal treasury reserve asset, with a recent acquisition of 581 BTC worth $40 million
Healthcare technology company Semler Scientific has announced the acquisition of 581 BTC, valued at approximately $40 million. As a part of the strategy, the firm also announced that Bitcoin will be its primary treasury reserve asset.
Semler Scientific, Inc. develops, manufactures, and markets innovative products and services supporting early detection and treatment of chronic diseases. It also provides technology devices and software for healthcare providers.
Semler Adopts Bitcoin
The acquisition was revealed in the company’s recent financial report, where Semler explained its reasoning for adopting Bitcoin as a store of value and a potential growth asset.
“Our bitcoin treasury strategy and purchase of Bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment,” Eric Semler, the company’s chairman, said.
Semler noted that Bitcoin possesses distinct qualities that can be seen as a haven during global instability.
According to a recent report, Semler Scientific generated over $15.9 million in revenue during the first quarter of 2024, a 13% decrease from last year. However, net income rose by 22%, hitting $6.1 million. At the end of March, the company’s balance sheet reflected $83.86 million in assets.
BTC and Gold
According to the statement, the firm’s board of directors and senior management reportedly spent considerable time exploring potential uses of its cash reserves, including assessing acquisition opportunities.
“After studying various alternatives, we decided that holding Bitcoin would be the best use of our excess cash,” Semler added.
The executive noted that Bitcoin’s structural resilience makes it superior to gold. They also stated that considering the value disparity between gold and Bitcoin, the crypto asset can deliver substantial returns as it increasingly gains recognition and acceptance over digital gold.
Meanwhile, business software development company Microstrategy (MRST holds 214, 400 BTC, valued at $13.5 billion, making it the largest corporate holder of Bitcon.
