Semler’s $11B Bitcoin bet. Can the tiny med-tech firm become the next Strategy?
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Semler Scientific, the previously obscure medical device maker, has unveiled plans to acquire a staggering 105,000 BTC by the end of 2027. Its ambition would make Semler the second-largest corporate Bitcoin holder in the world, behind only Strategy (formerly MicroStrategy). The announcement, made on June 20, sent Semler’s shares soaring nearly 12% in pre-market trading, amid investor enthusiasm for the company’s aggressive Bitcoin treasury strategy. At current prices, the 105,000 BTC goal represents over $11 billion, an eye-popping figure for a company that posted less than $60 million in revenue last year. From medical devices to macro bets Semler Scientific built its business around diagnostic tools like ankle-brachial index testing for peripheral artery disease. But since May 2024, when the company adopted Bitcoin as its primary treasury reserve asset, its profile has shifted dramatically. The firm’s first purchase for $40 million marked the start of a financial transformation. By April, Semler held 3,467 BTC acquired at an average cost of $88,263. It has since added another 982 BTC, bringing its total to 4,449 BTC, worth approximately $471 million. The roadmap forward is even more ambitious. Semler targets 10,000 BTC by the end of 2025, 42,000 by the end of 2026, and the full 105,000 by December 2027. Achieving that would require it to acquire over 100,000 BTC in under three years, a rate of accumulation unmatched by any other public company save MicroStrategy. Building a Bitcoin powerhouse To execute this plan, Semler is drawing from the Strategy playbook. The company is funding its purchases through a mix of at-the-market (ATM) share sales, senior convertible notes, and operating cash flow. It raised $88.5 million via convertible debt in early 2025 and continues to tap capital markets to finance additional buys. On June 19, Semler hired Bitcoin analyst Joe Burnett as Director of…
Filed under: News - @ June 20, 2025 9:27 am