Healthcare Tech Firm Semler Increases Bitcoin Holdings To 1058 BTC With $3 Million Purchase

Healthcare technology firm Semler Scientific has expanded its Bitcoin portfolio. It purchased an additional 47 BTC for $3 million. The acquisition brings the company’s total holdings to 1,058 BTC as part of its ongoing strategy to accumulate Bitcoin.

In an announcement on 4 November 2024, coinciding with its third-quarter earnings release, Semler emphasized its commitment to both Bitcoin and its healthcare business.

“We remain laser-focused on acquiring and holding Bitcoin while supporting innovation and growth in our healthcare business,” stated CEO Doug Murphy-Chutorian.

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Semler’s Shares See Uptick In After-Hours Trading

On the stock market, Semler’s shares closed down 2.3% at $29.97 on Monday. However, they experienced a 3.4% uptick in after-hours trading. Over the past month, the stock has risen 18.1%, yet it remains down 32.1% for the year, according to Google Finance.

The company has positioned Bitcoin as its primary treasury asset. It purchased 141 BTC for $8.4 million in the third quarter alone. Semler’s strategy mirrors that of MicroStrategy, which holds 252,220 BTC, making it the largest public corporate holder of Bitcoin.

“We are capitalizing on the opportunity to maximize stakeholder value by accumulating Bitcoin,” Eric Semler, the company’s chairman, said.

He added that Semler plans to continue purchasing Bitcoin using operational cash flow and proceeds from its at-the-market (ATM) program, which became effective on 13 August 2024 and allows for the sale of up to $50 million in common stock.

I really enjoyed this discussion, including the topic of what Hal Finney predicted over a decade ago.

Adrian has interviewed Eric Semler, current Chairman of Semler Scientific and we discuss the current corporate landscape.

Adrian and I also covered his #Bitcoin journey, the… pic.twitter.com/ASgsul6Hh3

— Tim Kotzman (@TimKotzman) November 4, 2024

As of 30 September 2024, Semler had sold 86,734 shares under this agreement for $2.5 million.

In its latest earnings report, Semler Scientific announced a net income of $5.6 million for the third quarter, slightly up from $5.5 million in the same period last year, while revenues decreased by 17% year-over-year to $13.5 million.

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Michigan Pension Fund Expands Crypto Investments

In other news, the State of Michigan Retirement System is diversifying its cryptocurrency holdings after initially entering the market earlier this year. It manages pension fund assets totaling $13.6 billion,

In a recent disclosure to the Securities and Exchange Commission (SEC), the fund announced its acquisition of $10 million in shares from Grayscale’s Ethereum Trust (ETHE). This marks a significant shift in its crypto strategy.

Interestingly, the Michigan fund now holds more Ethereum than Bitcoin, despite Bitcoin having received regulatory approval from the SEC much earlier. Alongside the Ethereum Trust shares, the fund also invested an additional $1.1 million in Grayscale’s Ethereum Mini Trust.

The diversification into Ethereum ETFs signifies the fund’s commitment to exploring a wider range of digital asset investments, bolstering confidence among crypto enthusiasts regarding the asset class’s integration into traditional financial systems.

The Michigan Retirement System is notably the first state pension fund in the U.S. to invest in Ethereum ETFs, which reflects a significant step toward legitimizing cryptocurrencies in institutional finance.

This follows the fund’s previous investment in July, when it purchased $6.6 million worth of ARK 21Shares Bitcoin ETF after the SEC’s regulatory approval for such investment vehicles in January.

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