Semler Scientific, a healthcare manufacturer, has announced its intention to continue acquiring and holding Bitcoin following the acquisition of 47 BTC in Q3, bringing its total Bitcoin reserves to over 1,050 BTC valued at $71 million. This decision comes as the company remains committed to supporting innovation and growth in the healthcare sector while also exploring various financing options to further increase its Bitcoin holdings.
Despite its focus on cryptocurrency investments, Semler Scientific faced challenges in Q3, with a 17% year-over-year drop in revenue to $13.5 million and a 20% decrease in operating income to $5.1 million. As a result, shares on Nasdaq experienced a 2.3% decline after the financial report was released. However, the company’s shares are still up by 18% over the past month, as reported by Google Finance.
Semler Scientific initially entered the Bitcoin market in May by acquiring 581 BTC for $40 million. The company’s chairman, Eric Semler, highlighted Bitcoin’s attributes as a reliable store of value, a compelling investment, and a potential hedge against inflation and economic uncertainty on a global scale. Semler also expressed a preference for Bitcoin over gold, noting that Bitcoin’s digital and architectural resilience make it a more favorable asset despite gold’s higher market value.
Moving forward, Semler Scientific plans to use cash from operations and proceeds from its sales under the ATM program to continue purchasing Bitcoin. By maintaining a laser focus on Bitcoin acquisitions, the company aims to capitalize on the cryptocurrency’s potential for long-term value appreciation and diversification of its investment portfolio.
In light of the evolving financial landscape and the increasing adoption of cryptocurrencies, Semler Scientific’s strategic approach to Bitcoin investments reflects a forward-thinking mindset within the healthcare industry. As the company navigates market challenges and explores new opportunities for growth, its commitment to acquiring and holding Bitcoin underscores a broader trend of mainstream acceptance and integration of digital assets into traditional business practices.
