In a significant move amid the ongoing Bitcoin price slump, U.S. medical device manufacturer Semler Scientific has boosted its Bitcoin holdings to over 1,000 BTC.
With a total investment of $68 million, the company's actions underscore a growing trend among public companies to invest heavily in Bitcoin. Discover the strategy behind this move and its potential impact on the industry.
Semler Scientific Reports New BTC Purchase
On August 26, 2024, Semler Scientific, a U.S. medical device manufacturer listed on NASDAQ, announced that it had acquired an additional 83 Bitcoin for $5 million.
This purchase brings the company's total Bitcoin (BTC) holdings to 1,012 BTC, with a total investment of $68 million, including fees and related expenses.
Semler Scientific, headquartered in San Jose, California, specializes in the development and sale of products for the diagnosis and management of cardiovascular diseases.
The company's first foray into Bitcoin investment occurred on May 28, 2024, when it purchased 581 BTC for $40 million.
This was followed by an additional acquisition of 247 BTC for approximately $17 million on June 6, increasing its holdings to 828 BTC.
In the May 28 announcement, Semler Scientific's Chairman, Eric Semler, stated, "Our Bitcoin financial strategy and the acquisition of Bitcoin underscore our belief that Bitcoin is a reliable store of value and an attractive investment."
The company has also emphasized that Bitcoin's unique characteristics differentiate it not only from fiat currencies but also from other cryptocurrencies, further clarifying that they have no plans to invest in any cryptocurrencies other than Bitcoin.
Continued Reports of Bitcoin Investments
El Salvador, which has adopted Bitcoin as one of its legal currencies, continues its strategy of purchasing 1 BTC every day.
This growing interest in Bitcoin investments has led the cryptocurrency industry to closely watch which companies will be next to acquire Bitcoin.
There is considerable interest from both within and outside the industry in how this investment decision will impact Semler Scientific's financial health and performance, as well as whether other medical device companies will follow suit.
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