Semler Scientific Buys $8.4M Bitcoin in Q3, CEO ‘Laser Focused’ on Holding BTC

Key Takeaways

• Semler Scientific said it spent $8.4 million on 141 Bitcoin in Q3.
• Despite its ambitions with BTC, Semler Scientific saw its revenue decrease by 17% to $13.5 million.
• Semler Scientific CEO Doug Murphy-Chutorian said the company remains “laser-focused on acquiring and holding Bitcoin.“

Medical technology company Semler Scientific said it spent $8.4 million on 141 Bitcoin (BTC) over the quarter ending Sept. 30.

The company’s third-quarter financial results further highlighted Semler’s ambitions to invest and hold digital assets.

Semler and Bitcoin

On Monday, Nov. 4, Semler Scientific said  it held 1,058 Bitcoin for a total purchase amount of $71 million.

Semler Scientific reported an additional purchase of 47 BTC for $3.0 million from operating cash flow since Aug. 26.

The medical device company has also been making BTC acquisitions with an at-the-market (ATM) stock offering program. This has led to the company raising $2.5 million through the sale of 86,734 shares.

Despite its ambitions with BTC, Semler Scientific’s revenue decreased by 17% to $13.5 million in Q3.

Income from operations totaled $5.1 million, a decrease of $1.2 million from the Q2.

Semler Scientific’s two largest customers respectively comprised 44% and 29% of its Q3 revenues.

CEO ‘Laser Focused’ on Bitcoin

Semler Scientific CEO Doug Murphy-Chutorian said the company remains “laser-focused on acquiring and holding Bitcoin while supporting innovation and growth in our healthcare business.”

The company, which creates tech and software for early chronic disease detection, is the 17th biggest Bitcoin holder out of publicly traded companies.

“We are capitalizing on the opportunity to maximize stakeholder value by accumulating Bitcoin,” said Eric Semler, chairman of Semler Scientific.

“We plan to continue to purchase Bitcoin with cash from operations and with cash proceeds from our sales under our ATM program,” Semler added. “In addition, we are exploring additional financing opportunities that will enable us to acquire even more Bitcoin.”

Although the company’s core medical products remain Semler Scientific’s priority, its ambitions to buy more crypto is starting to take center stage.