In a move similar to MicroStrategy’s, medical equipment firm Semler Scientific has added 247 Bitcoin to its Bitcoin treasury and is planning to raise $150 million to add to it.
Semler Scientific, a maker of medical devices (Nasdaq: SMLR), has revealed that it has increased its Bitcoin holdings to 828 BTC after purchasing 247 more Bitcoin for $17 million in cash. Additionally, in order to increase its Bitcoin reserves, the corporation intends to raise $150 million.
Last month, Semler caused a stir when it followed in the footsteps of MicroStrategy, a prominent corporate Bitcoin accumulation strategy, and declared Bitcoin its principal treasury reserve asset. Semler has steadily increased its bitcoin holdings since its original $581 acquisition.
“Semler remains committed to our two strategies of building our healthcare company and purchasing and keeping bitcoin,” CEO Doug Murphy-Chutorian said. Buying Bitcoins with cash will still be our plan.
The business plans to acquire further Bitcoin using some of the $150 million in debt that it plans to obtain, as detailed in an S-3 filing with the SEC. “Decent inflation hedge and safe haven amid global uncertainty” is what Semler called bitcoin in its filing.
Like MicroStrategy, which has amassed more than 200,000 Bitcoin and sparked the current trend of public corporations adding Bitcoin to their balance sheets, Semler is following suit. In 2020, when MicroStrategy started purchasing Bitcoin like crazy, the stock price of the company shot up because investors were so happy.
Metaplanet, a publicly traded Japanese company, is just one of many businesses that has begun allocating its Bitcoin funds in the same way as MicroStrategy this year. They are conscious of the fact that possessing a rare asset, like Bitcoin, may increase the value of their business.
The rapid use of Bitcoin by firms in their pursuit of maximum shareholder value is a prime example of the game theory behind Bitcoin. Adding Bitcoin to Semler’s balance sheet may greatly improve its business, which is why the company has continued to acquire it.
A growing number of publicly traded companies are anticipated to embrace Bitcoin and mimic Microstrategy’s strategy as this trend becomes more widely accepted.
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