Semler Scientific, a healthcare technology company, added $25 million in Bitcoin to its holdings, but its stock has slid 22% year-to-date . The company purchased 210 Bitcoin between July 3 and July 16, at an average price of $118,974 per coin .
Following the latest purchase, Semler Scientific now holds 4,846 BTC , worth approximately $570 million . The company funded the purchase using proceeds from its at-the-market equity offering, which has raised a total of $175 million since April . Semler Scientific now ranks as the 14th-largest holder of Bitcoin among publicly traded companies , surpassing GameStop.
The company considers Bitcoin as a reliable store of value and a compelling investment . With a market value exceeding $1 trillion , Bitcoin has become a major asset class. Its scarcity and finite supply make it a potential hedge against inflation and safe haven amid global instability. The company intends to use future cash flow from operations, as well as net proceeds from any securities offerings for general corporate purposes, including the acquisition of Bitcoin .
However, the company's share price has not responded positively to the aggressive crypto move . An analyst noted that the lackluster price performance of Semler Scientific shows that simply pivoting to a Bitcoin strategy isn't a panacea for all business troubles . The company's reliance on selling shares to finance its BTC buying may be playing a role in investors' sentiment, as this dilutes shareholder value .
Despite the stock's decline, Semler Scientific plans to hold 105,000 BTC by 2027 . If Semler achieves its goal, it would hold 0.05% of all BTC that would ever be produced .