Medical Device Maker Semler Scientific Now Holds Over 1,000 BTC, Plans to Continue Acquiring

Medical device maker Semler Scientific says it remains “laser focused” on acquiring and holding more Bitcoin after its crypto reserves surpassed 1,050 BTC.

Medical device maker Semler Scientific (OTC: SMSZF) says it remains “laser focused” on acquiring and holding more Bitcoin after its crypto reserves surpassed 1,050 BTC.

What Happened: Healthcare manufacturer Semler Scientific now holds $1,058 Bitcoin (CRYPTO: BTC), valued at $71 million, after it purchased 47 BTC in Q3.

In a Q3 financial results report, Doug Murphy-Chutorian, chief executive officer of the Santa Clara-headquartered company said Semler Scientific remains “laser focused on acquiring and holding Bitcoin, while supporting innovation and growth in our healthcare business.”

“We plan to continue to purchase Bitcoin with cash from operations and with cash proceeds from our sales under our ATM program. In addition, we are exploring additional financing opportunities that will enable us to acquire even more Bitcoin,” Murphy-Chutorian added.

Semler Scientific also said it is exploring additional financing opportunities to further increase its Bitcoin holdings.

“We believe that Bitcoin's scarcity, liquidity, and digital, architectural resilience makes it a preferable store of value to gold, which has a market value of approximately 10 times that of Bitcoin and is a less liquid and less technologically advanced asset,” said Eric Semler, chairman of Semler Scientific.

Despite its crypto-centric investment strategy, Q3 proved challenging for Semler Scientific. The company’s revenue dropped 17% year-over-year to $13.5 million, while operating income fell 20% to $5.1 million. Following the report, shares on Nasdaq dipped 2.3%, although they are still up 18% over the past month, according to Google Finance.

Semler first entered the Bitcoin market in May with the acquisition of 581 BTC for $40 million. At the time, Semler highlighted Bitcoin’s potential as a “reliable store of value” and a “compelling investment,” citing its scarcity and potential as an inflation hedge and safe haven amid global economic uncertainty.

Semler also said that the company believes that Bitcoin’s digital, architectural resilience “makes it preferable to gold, which has a market value of approximately 10 times that of Bitcoin.”

See More: Best Cryptocurrency Scanners

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