In a significant development within the financial world, Semler Scientific, a Nasdaq-listed medical device firm, has ramped up its investments in Bitcoin (BTC) by acquiring an additional 303 BTC for a total of $29.3 million. This bold move aligns with the company’s corporate treasury strategy, which draws inspiration from MicroStrategy’s approach.
This Week’s Bitcoin Milestone
This week has been monumental for Bitcoin, as it reached unprecedented heights, surpassing $100,000 for the first time in history and pushing its market capitalization beyond $2 trillion. Despite this meteoric rise, companies such as Semler Scientific remain committed to expanding their cryptocurrency investments.
Recent transactions reveal that Semler Scientific made its Bitcoin acquisition between November 25 and December 4, purchasing the additional 303 BTC at an average price of $96,779 per Bitcoin, including all associated transaction costs. Following this latest purchase, the company’s total Bitcoin holdings have surged to 1,873 BTC, representing a cumulative investment of $147.1 million with an average buy-in price of $78,553 per Bitcoin.
Ranking Among Bitcoin Holders
As a result of this aggressive accumulation, Semler Scientific now ranks among the top publicly traded companies holding Bitcoin as part of their treasury strategy. Notably, the yield on their Bitcoin investment, calculated from October 1 through December 4, stands at 54.7%. While this figure is lower than the impressive 78.7% yield since the company started investing in Bitcoin in July, it still highlights the effectiveness of their strategy.
Eric Semler, the chairman of Semler Scientific, expressed contentment with their Bitcoin investment performance. He mentioned that the company is pursuing options trading for its stock and feels confident it meets the eligibility requirements to do so.
Historical Context and Future Prospects
These yield metrics serve as crucial benchmarks for Semler Scientific as they evaluate the performance of their Bitcoin investments and their intent to boost shareholder value. Additionally, they provide insights for investors into the rationale behind the company’s decision to fund Bitcoin purchases through new equity shares.
In May, Semler Scientific first outlined its strategy to acquire Bitcoin, starting with a notable purchase of 581 BTC for $40 million. What followed were several additional rounds of acquisitions, resulting in the current total of 1,873 BTC in their portfolio.
With this latest acquisition, Semler Scientific has climbed to 14th among publicly traded firms in terms of Bitcoin holdings, overtaking Japan’s Nexon, which holds 1,717 BTC.
MicroStrategy continues to dominate this landscape, boasting investments in Bitcoin worth billions. The company currently holds approximately 2% of Bitcoin’s total supply of 21 million.
Following MicroStrategy, notable crypto mining companies have also made their mark with significant Bitcoin investments. Marathon Digital Holdings leads with 33,875 BTC, followed by Riot Platforms with 10,019 BTC, and even Tesla, led by Elon Musk, holds 9,720 BTC. As of the latest reports, Bitcoin’s trading price is $99,355, reflecting a slight dip of 3.8% over the last 24 hours.
Source: Bitcoinist
