Bitcoin Acquisition Continues: Semler Scientific Increases Holdings To 1,058 BTC

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As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the transformation of various asset classes and their impact on portfolios. The recent move by Santa Clara-based healthcare tech company Semler Scientific to increase its Bitcoin holdings is an interesting development that warrants closer attention.

Based in Santa Clara, the healthcare technology firm Semler Scientific (SMLR) announced they have acquired an extra 47 units of Bitcoin (BTC), raising their total Bitcoin possession to a grand total of 1,058 BTC.

Semler Scientific Continues To Increase Its BTC Holdings

Semler Scientific, a public healthcare company listed on the Nasdaq, disclosed that they’ve invested another $3 million to purchase approximately 47 Bitcoins. This move is made while Bitcoin hovers around 7% below its record high price point.

Over a period spanning from July through September, the company amassed 141 Bitcoins at an equivalent value of $8.4 million. As per their Q3 2024 report, they made a recent acquisition of 47 Bitcoins between the end of September and November 4.

Purchasing a digital asset worth approximately $3 million, Semler Scientific now holds a total of 1,058 Bitcoins in its portfolio. The company has expressed intentions to keep buying Bitcoins.

Regarding the progress being made, Doug Murphy-Chutorian, the head of Semler Scientific, expressed his thoughts as follows: “I am pleased with where we are at this stage.

We continue to prioritize the purchase and retention of bitcoins, all the while fostering advancement and expansion within our healthcare enterprise.

In May 2024, Semler Scientific kicked off their Bitcoin acquisition process by buying 581 Bitcoins for a total of $40 million. Then, they expanded their Bitcoin holdings further in September, purchasing an additional 83 Bitcoins at a cost of $5 million.

It appears the company might be adopting a strategy akin to MicroStrategy’s (MSTR), as per Eric Semler, chairman of Semler Scientific’s suggestion. He implies that the company could potentially seek further funding options to purchase more Bitcoin, much like what MicroStrategy does.

As a crypto investor, I’ve noticed that Semler Scientific’s stock journey doesn’t mirror MicroStrategy’s path. On November 5, SMLR closed at $29.97, marking a 2.31% decline for the day. However, despite this six-month upward trend of 8.31%, the year-to-date (YTD) performance remains negative, showing a decrease of 32.16%.

Bitcoin Acquisition Continues: Semler Scientific Increases Holdings To 1,058 BTC

Instead of that, let me rephrase it for you: Contrastingly, MSTR has seen an impressive increase of 225.44% year-to-date (YTD). Over the last six months, its stock price has climbed by approximately 75.75%, even though it has experienced a decline in the past month, dropping about 15.47%.

In Q3 of 2024, Semler’s earnings report demonstrates a rise in net income to approximately $5.6 million, marking an increase from the $5.5 million recorded in the same quarter of the previous year, 2023.

Company Bitcoin Reserves Becoming A Common Trend

Additionally, more and more businesses are starting to consider holding Bitcoin (BTC) reserves, joining the ranks of Semler Scientific, MicroStrategy, and Tesla.

As an analyst, I’m excited to share that Metaplanet, a prominent Japanese entity in the crypto space, has just added 108 more Bitcoins to its holdings. This latest acquisition brings the company closer to its lofty goal of amassing a total of 1,000 BTC.

It’s no wonder that more companies are choosing to include Bitcoin (BTC) in their financial holdings, given the positive outlook shared by experienced analysts regarding Bitcoin’s future potential.

Analysts from Bernstein research firm have suggested that Bitcoin’s price reaching $200,000 by the end of 2025 might be considered a relatively modest or low expectation. Currently, Bitcoin is trading at approximately $69,236 and has experienced a 0.9% increase over the past day.

Bitcoin Acquisition Continues: Semler Scientific Increases Holdings To 1,058 BTC

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2024-11-06 12:12