Semler Scientific, Inc. (Nasdaq: SMLR), known for its health solutions aimed at combating chronic diseases, announced a significant change in its treasury strategy. The company's board of directors adopted Bitcoin as its primary cash reserve asset, alongside a substantial purchase of 581 Bitcoins totaling $40 million, including fees and expenses.
JUST IN: Healthcare product maker Semler Scientific buys 581 #Bitcoin for 40 million dollars 👀 pic.twitter.com/zYsVgN19gL
– Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
“Our Bitcoin treasury strategy and our purchase of Bitcoin underscore our belief that Bitcoin is a reliable store of value and an attractive investment,” said Eric Semler, president of Semler Scientific. “Bitcoin is now a major asset class with a market value of over $1 trillion. We believe it has unique characteristics as a rare, finite asset that can serve as a reasonable hedge against inflation and safe haven in a context of global instability We also believe that its digital potential, architectural resilience makes it preferable to gold, whose market value is approximately 10 times that of bitcoin. 'value gap between gold and bitcoin, we believe bitcoin has the potential to generate outsized returns as it gains greater acceptance as digital gold.'
Despite This strategic financial initiative, Semler Scientific said it remains committed to its core mission in healthcare, which is to provide innovative technologies as solutions to transform healthcare management of chronic diseases and offer providers the opportunity to reduce costs and improve long-term outcomes for patients. The company will also continue to focus on its flagship product, QuantaFlo®, a point-of-care test for peripheral arterial diseases, while seeking expanded FDA approval for other cardiovascular diseases.
“Additionally, we are energized by the growing global acceptance and ‘institutionalization’ of bitcoin – most recently reflected by the Securities and Exchange Commission’s January 2024 approval of 11 Bitcoin exchange-traded funds,” M continued. . “These funds have brought in more than $13 billion in net inflows, with investments from nearly 1,000 institutions, including global banks, pension funds, endowments and registered investment advisors. It is estimated that more than 10% of all bitcoins are now held by institutions.”
Semler Scientific's board and senior management said they carefully considered various uses of excess cash and concluded that holding Bitcoin was the best strategy. For more information about Semler Scientific, visit their website here.