Semler Scientific, a publicly traded medical technology company, has added more Bitcoin to its portfolio, demonstrating its confidence in the crypto asset. In a recent disclosure, the firm announced it had purchased an additional $5 million worth of Bitcoin, bringing its total stash to 1,012 BTC.
A Monday press release revealed that the California-based healthcare technology company specializing in chronic disease management solutions bought 83 BTC worth $5 million. This latest purchase brings the company’s total Bitcoin holdings to 1,012 BTC at a cumulative cost of $68 million, including fees and expenses.
Semler Scientific’s chairman, Eric Semler, explained that the acquisition was primarily funded through cash generated from the firm’s operations and supplemented by funds from its at-the-market equity program.
“We are encouraged by the growing institutional adoption of bitcoin. It was recently reported that for the first time, institutions own more than 20% of bitcoin ETF assets under management. We believe this increasing institutionalization will drive value for both bitcoin prices and for our stockholders,” said Eric Semler.
Institutionalization is booming🚀
“The number of institutional investors holding bitcoin ETFs rose 14% in the second quarter, to 1,110 from 965, according to recent data from asset manager Bitwise Asset Management. The exchange-traded funds reached more big firms despite a 12%…
— Eric Semler (@SemlerEric) August 24, 2024
Semler Scientific’s initial foray into the Bitcoin ecosystem occurred in May when the company adopted Bitcoin as a primary treasury reserve asset. The company marked this move with an initial purchase of 581 bitcoins for roughly $40 million.
Since then, the firm has continued its buying spree, purchasing an additional 296 BTC on two occasions for a sum of $20 million in June. On August 5, the company acquired more Bitcoin worth $6 million.
Overall, Semler Scientific’s move to bolster its Bitcoin holdings positions the healthcare provider to benefit from the anticipated long-term growth in Bitcoin’s value, driven by rising demand and limited supply. This move reflects a broader shift in the corporate world, where companies increasingly view Bitcoin as a strategic asset. Bitcoin traded at $63,200 at press time, representing a 1.41% decline in the last 24 hours.
You may also like:- Bitcoin Surges to New All-Time High at $82,657 as Market Sentiment Turns Bullish
- Top 31 Common Mistakes in a Crypto Bull Market
- Popular YouTuber MrBeast Under Investigation for Alleged $23M Insider Trading Scheme
- Man Makes ₹100 Crore in 17 Days After Buying Hippo-Inspired Crypto Coin
- Why Is Binance Founder CZ Being Released Two Days Early?
- Hacker Steals $6M Through Massive Token Minting Exploit on Delta Prime
- eToro US Halts Most Crypto Trading After SEC Settlement
- CEX.IO Resumes UK Operations After Regulatory Halt
- Tether Acquires 9.8% Stake in Latin American Agriculture Leader Adecoagro
- Crypto Romance Scams – How They Work and How to Protect Yourself
