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Bitcoin

Bitcoin Chosen As Treasury Reserve Asset By This Healthcare Firm Following $40M Purchase

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a bold move that has sent its stock price soaring, medical device company Semler Scientific Inc. has announced that it has allocated a significant portion of its cash reserves to Bitcoin (BTC). 

According to Bloomberg, the San Jose, California-based firm purchased 581 Bitcoin for a total of $40 million, including fees and expenses.

Semler Scientific Shifts Cash Reserves To Bitcoin

With the purchase, Semler Scientific has become one of the few public companies to adopt Bitcoin as a primary treasury asset, following the lead of enterprise software firm MicroStrategy. 

Related Reading: BREAKING: Former FTX Executive Ryan Salame Receives 90-Month Prison Sentence

According to the report and Semler Scientific’s chairman, Eric Semler, the decision underscores the company’s belief in BTC’s potential as a “reliable store of value” and “compelling investment.” Semler further stated:

We believe Bitcoin 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.

Semler Scientific’s shift towards Bitcoin comes as the company seeks to optimize its excess cash, which stood at $62.9 million as of March 31, 2024. The funds were previously held in a mix of non-interest-bearing bank accounts, Treasury bills, and government money market funds. Semler added:

After studying various alternatives, we decided that holding Bitcoin would be the best use of our excess cash. We remain committed to our core medical products and services but believe this Bitcoin purchase strategy can also contribute to long-term value creation for our shareholders.

BTC Sparks 36% Surge In Semler Scientific’s Stock Price

Per the report, the company’s move has already paid dividends, with Semler Scientific’s stock price soaring as much as 36% to $31.61 on the news, boosting its market value to around $220 million. This starkly contrasts the stock’s nearly 50% decline so far this year before the Bitcoin announcement.

Semler Scientific’s decision to allocate a significant portion of its treasury to Bitcoin follows in the footsteps of MicroStrategy, which has emerged as one of the largest corporate holders of the cryptocurrency. 

MicroStrategy’s Bitcoin holdings now exceed $10 billion, and the company funds the purchases using cash flow, equity, and debt sales.

Related Reading: Dogecoin And Shiba Inu Fall Behind: Here Are The Top Meme Coin Performers In The Last Week

As Semler Scientific continues to generate revenue and free cash flow from its medical products, the company says it will regularly evaluate the use of its excess cash, including potential further investments in BTC or other “strategic initiatives.”

Bitcoin
The 1-D chart shows BTC’s sideways price action. Source: BTCUSD on TradingView.com

As of this writing, BTC is trading at $68,100, down 2.4% in the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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