Semler Scientific eyes further Bitcoin purchases after buying 47 BTC in Q3

2024-11-04 22:59:33

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Medical device maker Semler Scientific says it remains “laser focused” on acquiring and holding more Bitcoin after its crypto reserves surpassed 1,050 BTC.

Healthcare manufacturer Semler Scientific now holds $1,058 Bitcoin (BTC), worth $71 million, after it purchased 47 BTC in Q3.

In a Q3 financial results report, Doug Murphy-Chutorian, chief utive officer of the Santa Clara-headquartered company said Semler Scientific remains “laser focused on acquiring and holding Bitcoin, while supporting innovation and growth in our healthcare business.”

“We plan to continue to purchase Bitcoin with cash from operations and with cash proceeds from our sales under our ATM program. In addition, we are exploring additional financing opportunities that will enable us to acquire even more Bitcoin.”

Eric Semler, chairman of Semler Scientific

Despite its crypto-centric investment strategy, Q3 proved challenging for Semler Scientific. The company’s revenue dropped 17% year-over-year to $13.5 million, while operating income fell 20% to $5.1 million. Following the report, shares on Nasdaq dipped 2.3%, though they remain up 18% over the past month, according to Google Finance.

Semler first entered the Bitcoin market in May with the acquisition of 581 BTC for $40 million. At the time, Semler emphasized Bitcoin’s potential as a “reliable store of value” and a “compelling investment,” citing its scarcity and potential as an inflation hedge and safe haven amid global economic uncertainty.

Additionally, Semler also said that the company believes that Bitcoin’s digital, architectural resilience “makes it preferable to gold, which has a market value of approximately 10 times that of Bitcoin.”

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