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Semler Scientific purchased 111 Bitcoins worth $10 million between February and April 2025, bringing its total holdings to 3,303 BTC valued at $309.1 million. The medical technology company is funding these purchases primarily by selling new stock.
The Santa Clara healthcare firm, which trades under SMLR on Nasdaq, bought the cryptocurrency at an average price of $90,124 per coin. The company’s overall Bitcoin treasury now has an average purchase price of $87,929 per coin. This shows a paper profit as Bitcoin trades near $95,000.
Semler Scientific partly paid for its Bitcoin by issuing new shares. The company has raised approximately $126 million by selling 2.4 million shares of stock through an at-the-market (ATM) offering. It recently launched a new ATM program to raise up to $500 million and has already collected $2 million through the sale of 57,100 additional shares.
The company also plans to raise $75 million through the issuance of convertible senior notes.
“You can sell or stop if you don’t like what we’ve done with Bitcoin,” Eric Semler, the company’s Chairman, told investors at a recent event. “We’re a public company. You have that right to sell or stop.”
Semler Scientific’s approach resembles that of Strategy (formerly MicroStrategy), whose aggressive Bitcoin buying has driven its stock price up by over 350% in 2024. Several public companies have followed this model. Corporate Bitcoin holdings are now worth about $71 billion worldwide.
The success of Semler Scientific’s Bitcoin strategy is measured by “BTC Yield,” which reached 23.5% year-to-date as of April 24. This metric compares their Bitcoin holdings to their total possible shares outstanding.
“Semler Scientific uses BTC Yield as a KPI to help assess the performance of its strategy of acquiring bitcoin in a manner Semler Scientific believes is accretive to stockholders,” the company stated in its press release.
Despite growing its Bitcoin reserves, Semler faces some financial challenges. The company reported a preliminary operational loss of $1.3-1.5 million for the first quarter of 2025, with revenues between $8.8-8.9 million. The loss was partly due to legal fees related to a U.S. Department of Justice investigation.
Semler Scientific has tentatively agreed to a $29.75 million settlement with the DOJ, although this deal is not final. The company also reported an unrealized loss of approximately $41.8 million due to fluctuations in the value of Bitcoin.
The firm’s main business focuses on making diagnostic tools for chronic diseases. Their main product is QuantaFlo, a test that measures blood flow to help diagnose heart disease.
Semler Scientific ranks as the 14th largest corporate holder of Bitcoin globally, part of a growing trend of public companies using Bitcoin as a treasury reserve asset.
