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Semler Scientific, a developer and manufacturer of medical products, has announced the acquisition of 297 Bitcoin (BTC) for $29.1 million. According to a recent post on X, this acquisition brings the company’s total Bitcoin holdings to 1,570, valued at $117.8 million at an average price of $75,039 per BTC.
Solidifying Market Dominance With More BTC Purchases
Semler’s significant investment in Bitcoin shows its strong commitment to including Bitcoin in its asset strategy.
The company also reported impressive earnings from its Bitcoin investments. In the latest quarter, Semler achieved a Bitcoin yield of 37.4%, and its year-to-date yield reached 58.4%. These numbers demonstrate Bitcoin’s strong performance in 2024, driven by renewed optimism in the market and growing interest from institutions.
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Meanwhile, Semler Scientific’s aggressive approach toward cryptocurrency investment continues to rise.
Recall that the company had announced plans to acquire up to $150 million more in Bitcoin. Semler’s plans signal a strong belief in the future appreciation of this digital asset. Undoubtedly, this investment would bolster Semler’s position in the cryptocurrency market and expand its business.
Semler Scientific Shows Confidence in Bitcoin
Recall that the medical device maker’s shares surged by 27% in May following the announcement to adopt BTC as its primary treasury reserve asset. Moreover, this move signaled the company’s entry into cryptocurrency, leveraging its cash reserves for digital asset investment.
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The company also revealed that it acquired 581 bitcoins at an aggregate cost of $40 million, underscoring its confidence in BTC’s potential as a long-term store of value.
Interestingly, this surge put the market capitalization of all Semler Scientific’s shares above $200 million in May. Meanwhile, Block Inc., led by Twitter co-founder Jack Dorsey, unveiled a new initiative to invest in BTC monthly, utilizing a portion of its gross profit from Bitcoin products.
Companies Continuous BTC Purchase
Furthermore, Semler’s move follows similar actions by other high-profile companies like Tesla and MicroStrategy that integrated BTC into their treasury strategies. The Tysons Corner, Virginia-based firm MicroStrategy, has shown resilience toward Bitcoin despite rough market conditions and significant losses.
Intriguing, MicroStrategy has transformed into a rising Bitcoin enterprise that is driving global Bitcoin adoption.
It leverages unused funds to seize the potential growth of Bitcoin. The firm also set the trend for other public companies, including Metaplanet, to adopt BTC treasury strategies.
