The growing interest in blockchain-based currencies among institutional investors has backed a spike in the adoption of Bitcoin and other cryptocurrencies. In a recent development, a medical equipment manufacturing company has extended its plan to buy more Bitcoin, the company already holds BTCs worth millions.
In a Q3, 2024 earnings report, Semler Scientific noted that it has bought 47 more Bitcoins after August 2024 for roughly $3 million, the total BTC holdings of the company are worth $71 million.
The chief executive officer of Semler Scientific, Doug Murphy- Chutorian said “ We are pleased to report strong performance from our healthcare business with income from operations of $5.1 million in the third quarter,” adding “We remain laser-focused on acquiring and holding bitcoin while supporting innovation and growth in our healthcare business.”
As of September 30, 2024, Semler Scientific held 1,018 bitcoins valued at $64.5 million, reflecting a cumulative fair value reduction of $3.9 million. In the third quarter ending on that date, the company acquired 141 bitcoins at a total cost of $8.4 million.
The medical device company has begun investing in Bitcoin using cash reserves from its balance sheet, creating a link between its stock performance and the well-known cryptocurrency.
Bitcoins Flourishing Prices Luring Institutional Giants!
In the past few quarters Bitcoin prices have outperformed as of writing it was trading at $68,909 with an intraday surge of 1.55%. The surging prices, adoption, and popularity of BTC have lured millions of new crypto moguls.
It is worth noting that Bitcoin is one of the most adopted cryptocurrencies followed by Tether and Ethereum. The broader cryptocurrency market has been experiencing a surprising movement for the past few weeks, speculators note the spike is solely backed by the ongoing elections in the United States.
Until publishing Bitcoin was trading above 20, 50, 100, and 200 days EMA; its prices have mirrored a massive growth of 64 percent in the YTD frame.
Market experts argue that if the bullishness in the BTC prices remains the same there are expectations that its prices might soon cross the resistance of $73k and the following resistance of $80k, which might become its all-time high.
In October, Bitcoin’s price surged past $72,000, nearing its all-time high. In its latest quarterly report, Semler Scientific informed investors that it now holds 1,058 Bitcoins, with a total value of $76 million based on the $72,000 price per Bitcoin.
Bitcoin prices seem to be eying new milestones in the opening of 2025 as the results of U.S. presidential elections are likely to be announced in the last week of 2024 or the beginning of 2025.
Semler Scientific, Inc (SMLR) Stock Price Overview
As of writing, Semler stock was trading at $29.97 with a volume of 148.37k and has a market capitalization of $209.56 million. Its trading price has seen a surge of 8.39% in the past seven days and 22.03% in the past 30 days.
However, the SMLR price is 31.42% in red in the year-to-date time frame. Its press time trading prices were above 20, 50, and 100 days EMA and at the same time below 200 days EMA.
It is worth noting that the reported EPS of Semler Scientific in Q3, 2024 was 50% greater than the expected EPS, and in the same quarter the reported revenue was 3.15% greater than the estimates.
