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Semler Scientific Unveils $75M Convertible Notes Offering To Boost Bitcoin Purchases

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Giuseppe Ciccomascolo
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Key Takeaways
  • Semler Scientific plans to offer $75 million in convertible senior notes due 2030.
  • The funds raised will limit stock dilution and boost Bitcoin acquisitions.
  • Since adopting its Bitcoin treasury strategy in May 2024, Semler has achieved a 99.3% yield on its Bitcoin investments.

Semler Scientific plans to offer $75 million in convertible senior notes, with proceeds funding call transactions and Bitcoin (BTC) acquisitions.

The company recently bought 237 BTC and Semler’s Bitcoin assets now represent nearly half of the company’s value.

Semler Launches Notes Offering

Semler Scientific announced plans  to offer $75 million in convertible senior notes due 2030, with an option for purchasers to buy an additional $15 million.

The private offering will issue senior unsecured notes accruing semiannual interest. Upon conversion, Semler may deliver cash, stock or a combination.

Proceeds will fund capped call transactions to offset stock dilution from conversions and general corporate purposes, including acquiring Bitcoin.

The capped call transactions aim to limit dilution by covering shares underlying the notes, subject to a cap.

The company noted that market transactions by counterparties to establish or adjust hedges could impact Semler’s stock price.

Latest BTC Purchase

Semler Scientific last increased its Bitcoin holdings 10 days ago, purchasing 237 BTC for approximately $23.3 million at an average price of $98,267 per Bitcoin.

Since adopting its Bitcoin treasury strategy in May 2024, the company has achieved an impressive 99.3% yield on its BTC investments.

Currently, Semler holds 2,321 BTC, representing a total investment of around $191.9 million, with an average acquisition cost of $82,687 per Bitcoin.

With a market capitalization of $586.9 million , Semler’s Bitcoin holdings now account for nearly half of the company’s total value.

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Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
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