Medical device manufacturer Semler Scientific (Nasdaq: SMLR) announced The company purchased 247 more Bitcoin for $17 in cash. With this acquisition, its holdings total 828 BTC. It also intends to raise an additional $150 million in order to increase its Bitcoin reserve.
BlackRock Spot: Just in! #Bitcoin ETF IBIT saw a $347.1 Million inflow today. pic.twitter.com/SIKByVcctA
— Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
Semler has made waves in the last few months when it switched to Bitcoin for its currency. primary treasury reserve assetSemler has continued to acquire more bitcoins after its initial 581-bitcoin purchase. Semler continues to acquire more bitcoins after the initial purchase of 581.
Doug Murphy Chutorian is the CEO at Doug Murphy Chutorian. “Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin. We will continue to pursue our strategy of purchasing Bitcoins with cash.”
The company filed an S-3 Form with the SEC describing its plan to raise 150 million dollars in debt. A portion will be used for buying more Bitcoin. Semler said in the filing it considers bitcoin to be a “reasonable inflation hedge and safe haven amid global instability.”
Semler follows the example of MicroStrategyIt has been a catalyst for the current trend in public companies including Bitcoin on their balance sheets. MicroStrategy’s stock price soared dramatically after its Bitcoin purchase spree began in 2020.
Japanese Public Company and other firms Metaplanet This year they also began following MicroStrategy’s Bitcoin treasury allocating playbook. Holding scarce assets like Bitcoin could potentially increase their enterprise value.
Bitcoin is a game that corporations are increasingly using to increase shareholder value. Semler continues to acquire Bitcoin because it believes that adding Bitcoin to its balance sheets can enhance the business.
More public companies will probably adopt Microstrategy and Bitcoin as this trend becomes more mainstream.
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Source: bitcoinmagazine.com