Bitcoin
Semler Scientific reveals strategy for Bitcoin Treasury
Semler Scientific ($SMLR) disclosed the purchase of 581 bitcoins for its treasury, boosting its share price by 25% in early US trading on Tuesday.
According to its most recent Earnings statement, the company, which had a market cap of less than $200 million before this morning’s price increase, had cash and cash equivalents of $62.9 million at the end of the first quarter. It had first-quarter revenue of US$15.9 million and operating cash flow of US$6.1 million.
According to this morning press releaseSemler purchased 581 bitcoins (Bitcoin) for $40 million, suggesting an average price of around $68,850 per token.
Another company has added Bitcoin to its reserve – this time healthcare giant Semler Scientific $SMLR adopted #Bitcoin as its main treasury reserve asset, purchasing $40 million worth of Bitcoin.
Following in the footsteps of Microstrategies?
Shares rise 22% in… pic.twitter.com/V7zsazKwFj
-MartyParty (@martypartymusic) May 28, 2024
“Bitcoin is now a major asset class with over $1 trillion in market value,” said company president Eric Semler. “We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable hedge against inflation and a safe haven amid global instability. We also believe that its digital architectural resilience makes it preferable to gold, which has a market value approximately 10 times that of bitcoin.”
The current 25% gain has seen shares decline just 2% year over year.
TradingView $SMLR 3-Day 1-Minute Chart