Key Points
- Semler Scientific has acquired 303 Bitcoins for $29.3 million, bringing their total holdings to 1,873 BTC.
- The company’s ongoing Bitcoin acquisition has significantly contributed to the growth of its stock market.
Semler Scientific Inc., a California-based firm that provides software solutions to enhance healthcare providers’ clinical performance, recently bought 303 Bitcoin for approximately $29.3 million. The purchase took place between November 25 and December 4, 2024, with an average price of about $96,779 per Bitcoin.
Currently, Semler Scientific owns a total of 1,873 Bitcoins, bought for approximately $147.1 million at an average price of about $78,553. In addition, the company has increased its total offering to $100 million by offering an extra $50 million worth of its shares under the existing ATM offering with Cantor Fitzgerald.
Financial Impact of Bitcoin Acquisition
Semler Scientific has raised a total of $79.8 million from share sales under the ATM offering. Prior to the latest Bitcoin acquisition, the company’s BTC yield was about 54.7 percent. Eric Semler, the company’s chairman, expressed satisfaction with the current BTC yield of 78.7 percent and mentioned that they have requested approval for options trading in their stock as they believe they meet the eligibility requirements.
The consistent acquisition of Bitcoin has significantly contributed to the impressive growth of the SMLR stock market in recent months. According to recent market data, SMLR stock has rallied over 149 percent in the past three months, trading at about $59 on Thursday, December 5, during the mid-New York session. Following this trend, the $525 million company has been emulating MicroStrategy Inc., which has acquired over 402k Bitcoins to date.
Bitcoin Adoption and Market Growth
The widespread adoption of Bitcoin by institutional investors has been a key factor in the ongoing bullish outlook. For the first time in Bitcoin’s history, the Open Interest (OI) rose above $66 billion, coinciding with a recent Bitcoin price rally beyond $100k.
With over $114 billion flowing into the crypto market in the past few days, confidence in the web3 space is expected to continue growing. Notably, BlackRock’s IBIT has been buying Bitcoins worth over $50 million daily in recent weeks, thereby increasing the US spot BTC ETF holdings to over 1 million units.
The Bitcoin industry is anticipated to continue expanding in the upcoming years as nations prepare to establish strategic BTC reserves to counter their respective rising debts. Additionally, Fed Chair Jerome Powell considers Bitcoin to be digital gold. As Bitcoin whales continue to accumulate more coins, the total supply on centralized exchanges has decreased by over 135k in the past 30 days, standing at about 2.26 million at the time of the report.
