Semler Scientific now holds 828 Bitcoin and has $150M and plan to buy more
"We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of bitcoin," the company stated
Nasdaq-listed medical manufacturer Semler Scientific, which gained attention last month for adding Bitcoin (BTC) to its treasury, has purchased another $17 million worth of the asset and may raise up to $150 million to buy more.
The company's latest Bitcoin purchase was disclosed in an S-3 filing to the United States securities regulator on June 6. After making its first 581 Bitcoin purchase on May 28, it now holds 828 Bitcoin, worth over $58.5 million.
"[It demonstrates] our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash."
Semler isn't wasting any time, either. The company announced that it can raise an additional $150 million of debt securities, with a portion of the proceeds used to buy more Bitcoin.
"We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of bitcoin," the company stated.
In a June 6 statement, the company's CEO, Doug Murphy-Chutorian, said Semler's Bitcoin investment strategy has become the company's other top-line priority alongside its healthcare business.
Bitcoin, now Semler's primary treasury reserve asset, can serve as a "reasonable inflation hedge and safe haven amid global instability," the company said in its SEC filing.
"We also believe that its digital, architectural resilience makes it preferable to gold, which has a market value that greatly exceeds the market value of bitcoin," Semler said. "Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate outsize returns as it gains increasing acceptance as 'digital gold.'"
The company reiterated that it "has no plans to purchase cryptocurrency assets other than bitcoin."
Semler's (SMLR) stock jumped 30% on news of its May 28 purchase. However, it couldn't pop this time around, falling 2.5% to $29.13 on June 6, according to Google Finance data.
