California-based med-tech company Semler Scientific has announced purchasing an additional 247 BTC for an aggregate of $17 million in cash, inclusive of fees and expenses.

As of June 6, 2024, Semler holds a total of 828 bitcoins, which were acquired for an aggregate of $57 million, inclusive of fees and expenses.

Preps $150M Bitcoin Warchest

In a new filing, the Nasdaq-listed medical manufacturer also revealed looking to raise $150 million to buy more bitcoins in the future, a strategy that aligns with the expansion of its corporate structure.

While highlighting the gap in value between gold and BTC, Semler Scientific said it believes the latter has the potential to generate outsize returns as it gains increasing acceptance as digital gold.

The firm believes that bitcoin’s unique attributes discussed above differentiate it not only from fiat money but also from other cryptocurrency assets. For that reason, the company has no plans to purchase cryptocurrency assets other than bitcoin.

Commenting on the development, Doug Murphy-Chutorian, MD, Semler Scientifics chief executive officer, said,

Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin. The company now holds 828 bitcoins, underscoring our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash.

Semler Scientific Taps Bitcoin

Last month, Semler Scientific first decided to make bitcoin its primary asset for holding reserves and excess cash. The company recently initiated this new policy by purchasing 581 bitcoins for $40 million, including taxes and other expenses.

The companys chairman, Eric Semler, cited BTCs scarcity, finite supply, and potential to serve as an inflation hedge and safe haven amid global uncertainties as the key reasons behind this move. The company previously said it plans to continue its profitable healthcare operations but will allocate excess cash towards purchasing BTC, subject to market conditions and anticipated cash needs.

This strategy mirrors that of MicroStrategy, a software firm that has been aggressively accumulating Bitcoin since August 2020. As of writing these lines, the NASDAQ-listed giant has more than 214,000 BTC, worth over $15 billion. The firms paper gains are close to $7.7 billion.