The post Semler Scientific buys $17M Bitcoin, plans $150M fundraise for more BTC acquisition appeared on BitcoinEthereumNews.com.

Medical device maker Semler Scientific is doubling down on its move to pivot towards Bitcoin as its treasury reserve asset with additional purchases of the flagship digital asset. According to a June 6 statement, the firm added 247 BTC, worth $17 million, to its treasury. Also read: Semler Scientific soars 48% after adopting Bitcoin as reserve asset  This latest purchase brings the firm’s total Bitcoin holdings to 828 BTC, which were acquired for an aggregate of $57 million, including fees and expenses. Semler CEO Doug Murphy-Chutorian said this purchase shows the company’s focus remains on its healthcare business 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,” Doug Murphy-Chutorian added. Semler eyes $150 million fundraising for Bitcoin In a June 6 filing with the US Securities and Exchange Commission (SEC), the company hinted that it would pursue other avenues to fund its BTC acquisition drive. The company said it could issue up to $150 million worth of debt securities — the net proceeds of which would be “primarily [used] for general corporate purposes, including the acquisition of bitcoin.” Market analysts have explained that Semler’s move was logical for its businesses. Sina G, the co-founder of BTC-focused 21st Capital firm, said, “Adopting a Bitcoin treasury is the logical strategy for cash-heavy businesses.” He added: “Semler Scientific has $57 million in cash and cash eq., which is the majority of their assets (i.e., 73%) They have a ton of cash and need a store of value. How many other companies are in the same boat?” Following news of its recent purchase, Semler’s SMLR shares have risen by more than 3% at pre-market…

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Filed under: News - @ June 7, 2024 10:26 pm