Key Points
- Semler Scientific has bought an additional 247 Bitcoin for $17 million cash.
- The company’s total Bitcoin reserves now stand at 828 BTC, costing an aggregate of $57 million.
Semler Scientific, a tech developer in the healthcare sector, has expanded its Bitcoin reserves by purchasing an additional 247 Bitcoin. The Santa Clara-based firm spent $17 million in cash on the acquisition, as part of its ongoing strategy to mitigate inflation risks.
Bitcoin as a Hedge Against Inflation
According to a press release, this latest acquisition brings Semler Scientific’s total Bitcoin holdings to 828 BTC, bought at a combined cost of $57 million. Doug Murphy-Chutorian, the CEO of Semler Scientific, underscored the company’s commitment to Bitcoin, describing it as a compelling investment and a reliable store of value.
The CEO stated, “We will continue to pursue our strategy of purchasing Bitcoins with cash.” This follows a significant purchase made a week earlier, in which the company acquired 581 BTC for $40 million, indicating an average price of roughly $68,850 per coin.
Bitcoin’s Potential as a Scarce Asset
Eric Semler, the chairman of Semler Scientific, emphasized the potential of Bitcoin as a scarce, finite asset serving as a reasonable hedge against inflation and a safe haven amid global instability. He further stated that Bitcoin’s digital resilience makes it preferable to gold, which has a market value approximately 10 times that of Bitcoin.
Following this purchase, Semler Scientific now ranks 20th among public companies holding Bitcoin on their balance sheets, according to BitcoinTreasuries.NET. The firm surpasses Argo Blockchain, a crypto mining company that holds 11 BTC, but falls short of Chinese software company Meitu, which possesses 940.9 BTC.
