Medical device manufacturer Semler Scientific (Nasdaq: SMLR) announcement he acquired an additional 247 Bitcoins for $17 million in cash, bringing his total holding to 828 BTC. The company also plans to raise $150 million to increase its Bitcoin reserves.
JUSTIN: BlackRock Spotlight #Bitcoin The IBIT ETF saw inflows of $347.1 million today. pic.twitter.com/SIKByVcctA
– Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
Semler made waves last month by adopting Bitcoin as his Treasury primary reserve asset, mimicking MicroStrategy's influential corporate Bitcoin accumulation strategy. After his initial purchase of 581 bitcoins, Semler continually acquired more coins.
CEO Doug Murphy-Chutorian said: “Semler remains focused on our two strategies of growing our healthcare business and acquiring and holding Bitcoin. We will continue to pursue our strategy of purchasing Bitcoin with cash. »
The company filed an S-3 form with the SEC outlining its plan to raise $150 million in debt, part of which will be used to buy more Bitcoin. Semler noted in the filing that he views bitcoin as “a reasonable hedge against inflation and a safe haven amid global instability.”
Semler follows the example of MicroStrategy, which has accumulated over 200,000 Bitcoin and catalyzed the recent trend of public companies adding Bitcoin to their balance sheets. After MicroStrategy began its Bitcoin buying spree in 2020, its stock price increased significantly as investors reacted positively.
Other companies like a Japanese state-owned company Metaplanet also started following MicroStrategy's Bitcoin Cash Allocation Playbook this year. They recognize that holding scarce assets like Bitcoin can potentially increase the value of their business.
This demonstrates Bitcoin's game theory in action, as companies increasingly adopt Bitcoin to maximize shareholder value. Semler's continued acquisition of Bitcoin reflects his belief that adding it to his balance sheet can significantly improve his business.
As this recent trend becomes validated by the general public, more public companies will likely turn to Bitcoin and follow the Microstrategy playbook.