Semler Scientific announced it will continue to increase its Bitcoin holdings after the third-quarter results showed they added an additional $2.6 million in Bitcoin to their treasury since October.
“We remain fully focused on buying and holding Bitcoin while supporting innovation and growth in the healthcare industry,” said CEO Doug Murphy-Chutorian of Semler Scientific in a statement on November 4.
Semler announced that the company holds 1,058 Bitcoin (BTC) as of November 4 with a total purchase value of $71 million. They spent $8.4 million to acquire 141 BTC in the quarter ending September 30 and purchased an additional 40 BTC for $2.6 million since the end of Q3.
This investment has a small profit with a current value of nearly $72 million, as Bitcoin's price fluctuates around $68,000.
These transactions make Semler the 17th largest Bitcoin holder among publicly traded companies, surpassing the 1,018.17 BTC owned by Japanese investment firm Metaplanet, according to Bitcoin Treasures data, although the data has not been updated to reflect Semler's new total at the time of writing.
“We are seizing the opportunity to maximize value for shareholders by accumulating Bitcoin,” said Semler president Eric Semler.
“We plan to continue purchasing Bitcoin with cash from business operations and from proceeds from asset sales under our ATM program,” he added. “Additionally, we are exploring further financing opportunities to acquire more Bitcoin.”
Semler's stock price increased by 3.44% in after-hours trading on November 4 to $31, after closing the day down 2.31% at $29.97, according to Google Finance. The stock price has decreased by 32.16% as of this time this year.
SMLR stock price rises in after-hours trading following the announcement of third-quarter results. Source: Google Finance
Semler's Q3 results show mixed results across headline and profit compared to the same period last year.
Quarterly revenue decreased by 17% year-over-year to $13.5 million, while net income increased by 2% to $5.6 million compared to Q3 2023.
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