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Semler Scientific aims to raise $75 million in convertible senior notes to fund further Bitcoin purchases.
The healthcare tech and software firm also plans to expand its Bitcoin holdings after its existing investment in the leading cryptocurrency reached an unrealized gain of $28.9 million, according to the fourth quarter 2024 earnings released by the company on Jan. 23.
$SMLR Announces Proposed Private Offering of $75 million of Convertible Senior Notes and Preliminary Unaudited 4th Quarter 2024 Financial Results with Significant Gain from Change in Fair Value of Bitcoin Holdings
— Eric Semler (@SemlerEric) January 23, 2025
The company’s plans to raise $75 million to purchase additional BTC comes after Semler Scientific acquired 237 BTC on Jan. 13, increasing its overall holdings to 2,321 BTC. Despite recent fluctuations, Bitcoin is trading at around $105,000. This makes the company’s Bitcoin holdings worth approximately $241 million.
Semler Scientific’s Bitcoin Acquisition
Semler Scientific purchased Bitcoin for the first time in May. The company joined a broader trend of publicly listed companies investing in the largest crypto by market cap, which boosted BTC’s value. Semler shares increased 30% after it reported the purchase of 581 BTC on May 28 last year.
“We are excited to continue executing on our Bitcoin treasury strategy,” Semler Scientific CEO Doug Murphy-Chutorian said in a statement regarding the BTC acquisition.
In his statement last November, Murphy-Chutorian emphasized that Semler Scientific remains laser-focused on acquiring and holding Bitcoin.
Since then, Bitcoin has reached several new all-time highs, peaking at $109,000 just before US President Donald Trump’s inauguration on Jan. 20.
Based on Semler Scientific’s preliminary financial results for the fourth quarter, revenue is estimated to be between $12.1 million and $12.5 million. Additionally, the firm’s operating income ranges from $3.4 million to $3.7 million.
Semler (SMLR) shares closed 1.55% lower on Jan. 23 and dropped another 12% in after-hours trading, reaching $53.75, according to Google Finance.
During the last 12 months, SMLR experienced an increase of over 38%. However, its current price is still below its all-time high of $149.99 that was set in October 2021.
Many other companies, such as artificial intelligence developer Genius Group, drugmaker Hoth Therapeutics, and Rumble, followed the trend and purchased Bitcoin. This strategy gained popularity after MicroStrategy led the way.
After its latest purchase between Jan. 13 and Jan. 20, MicroStrategy now holds 461,000 Bitcoins valued at $48 billion.
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