Healthcare Company Semler Scientific Buys $40 Million Bitcoin, Adopts As Treasury Reserve Asset
Semler Scientific, Inc. (Nasdaq: SMLR), known for its healthcare solutions to combat chronic diseases, has announced a significant shift in its treasury strategy. The company's board of directors has adopted Bitcoin as its primary treasury reserve asset, alongside a substantial purchase of 581 Bitcoins for an aggregate amount of $40 million, inclusive of fees and expenses.
JUST IN: Healthcare product manufacturer Semler Scientific purchases 581 #Bitcoin for $40 million pic.twitter.com/zYsVgN19gL
Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
"Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment," stated Semler Scientific Chairman Eric Semler. "Bitcoin is now a major asset class with more than $1 trillion of market value. We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of bitcoin. Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate outsize returns as it gains increasing acceptance as digital gold."
Despite this strategic financial move, Semler Scientific said it remains committed to its core mission in healthcare of delivering innovative technologies as solutions to transform the healthcare management of chronic diseases and offer providers the opportunity to reduce costs and improve long-term patient outcomes. The company will also continue to focus on its flagship product, QuantaFlo®, a point-of-care test for peripheral arterial disease, while seeking expanded FDA clearance for other cardiovascular conditions.
"Furthermore, we are energized by the growing global acceptance and 'institutionalization' of bitcoin -- reflected most recently by the Securities and Exchange Commission's January 2024 approval of 11 bitcoin exchange-traded funds," Mr. Semler continued. "These funds have reported more than $13 billion of net inflows, with investments from nearly 1,000 institutions, including global banks, pensions, endowments and registered investment advisors. It is estimated that more than 10% of all bitcoins are now held by institutions."
Semler Scientific's board and senior management shared that they have carefully considered various uses of excess cash and concluded that holding Bitcoin is the best strategy. For more information on Semler Scientific, visit their website here.
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
