Blogs & Articles: Healthcare Company Semler Scientific Acquires $40 Million in Bitcoin đź”— 15 weeks ago
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- Category: Blogs & Articles | BTC Times
- Author(s): Deniz Saat
- Published: 28th May 2024 19:48
Semler Scientific, Inc., a publicly traded company known for its healthcare solutions targeting chronic diseases, has announced a new treasury strategy.Â
The company's board of directors has decided to adopt Bitcoin as its primary treasury reserve asset and has purchased 581 Bitcoin for a total of $40 million, including fees and expenses.
Semler Scientific Chairman Eric Semler stated that the company's Bitcoin treasury strategy reflects their belief in Bitcoin as a reliable store of value and a compelling investment.Â
He highlighted Bitcoin's unique characteristics as a scarce and finite asset, its role as a hedge against inflation, and its digital resilience, which makes it preferable to gold.Â
Semler also noted Bitcoin's potential for significant returns as it gains broader acceptance as digital gold.
Despite this financial strategy shift, Semler Scientific remains dedicated to its core healthcare mission.Â
The company continues to focus on delivering innovative technologies to transform the management of chronic diseases, aiming to reduce costs and improve long-term patient outcomes.Â
It will maintain its focus on QuantaFlo®, a point-of-care test for peripheral arterial disease, while seeking expanded FDA clearance for other cardiovascular conditions.
Eric Semler further commented on the increasing acceptance and institutionalization of Bitcoin, noting the Securities and Exchange Commission's recent approval of 11 Bitcoin exchange-traded funds (ETFs) in January 2024.Â
These ETFs have reported over $13 billion in net inflows from nearly 1,000 institutions, including global banks, pensions, endowments, and registered investment advisors. It is estimated that institutions now hold more than 10% of all Bitcoin.
The board and senior management of Semler Scientific have carefully considered various uses of excess cash and concluded that holding Bitcoin is the best strategy.