As a seasoned investor with a keen eye for emerging trends and a portfolio that spans various industries, I find the strategic move by Semler Scientific to acquire Bitcoin intriguing. Having witnessed the meteoric rise of cryptocurrencies over the past decade, I can’t help but be impressed by companies like Semler that are not only embracing this new asset class but also demonstrating a clear vision for its long-term potential.
According to their latest announcement following the release of their third-quarter financials, Semler Scientific has purchased an extra 47 Bitcoin for approximately $3 million using funds from its ongoing operations, bringing their total Bitcoin holdings up to 1,058 Bitcoin since their last disclosure in August.
The current value of this collection, taking into account the recent increase in prices, is approximately $80 million based on total purchases up until November 8th.
“Laser Focused” on Bitcoin
In the third quarter, Semler Scientific reported a 17% drop in revenue compared to the same period last year, amounting to approximately $13.5 million. Their operating income decreased by $1.2 million from the second quarter, totaling $5.1 million. Nevertheless, the company remains committed and steadfast in its pursuit of acquiring and holding Bitcoin.
As per the statement made by Eric Semler, chairman of Semler Scientific, the company intends to capitalize on a chance to enhance value for its shareholders by increasing its bitcoin holdings. In the future, Semler plans to keep purchasing bitcoin using both operational funds and money from their at-the-market (ATM) sales program, while also investigating other financing options to further grow these investments.
In relation to the company’s emphasis on Bitcoin (BTC), Doug Murphy-Chutorian, the Managing Director and CEO of Semler Scientific, expressed his thoughts.
As a crypto investor, I’m thrilled to share that our healthcare sector has delivered robust results, generating an operational income of $5.1 million during the third quarter. My unwavering commitment remains steadfast on our Bitcoin acquisition strategy, while relentlessly pursuing innovation and expansion in our healthcare operations.
Through these purchases, Semler has ascended to be a significant player in the crypto market, owning more Bitcoin than Japan’s Metaplanet (with approximately 1,015.2 BTC), according to Bitcoin Treasuries’ latest data, positioning it as the 17th largest publicly traded company holding cryptocurrency.
Corporate Bitcoin Trend Accelerates:
For several years now, it’s become increasingly common for businesses to allocate part of their financial resources into Bitcoin, viewing it as a key investment in their overall portfolio. The pioneer of this practice among publicly traded companies has often been attributed to MicroStrategy, under the guidance of its former CEO, Michael Saylor.
In 2020, Saylor announced the company’s large-scale bitcoin investment, citing it as a more effective store of value than cash. MicroStrategy’s holdings now total 252,220 BTC, ranking it among the top corporate bitcoin holders.
A number of businesses have chosen to imitate this move, with Semlar being one of them. They announced in May that they would use Bitcoin as their primary reserve asset, pointing out its limited availability, fixed production, and potential role as a protection against inflation and a safe haven during global turmoil.
To kick off its digital currency strategy, the medical technology firm based in California initially acquired 581 bitcoins at a cost of approximately $40 million, taking into account taxes and additional costs. Notably, they expressed no intention of investing in any other types of cryptocurrencies at this time.
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2024-11-10 20:54