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Medical device firm Semler Scientific has spent $71 million to buy 1,058 Bitcoin, adding another 181 Bitcoin to stash over Q3 and into the start of November.
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Semler Scientific says it plans to continue amassing Bitcoin after third-quarter results showed the company added another $2.6 million of Bitcoin to its coffers since October.
“We remain laser-focused on acquiring and holding Bitcoin, while supporting innovation and growth in our healthcare business,” said Semler Scientific CEO Doug Murphy-Chutorian in a Nov. 4 statement.
Semler said it held 1,058 Bitcoin (BTC) as of Nov. 4 for an all-in purchase amount of $71 million. It spent $8.4 million purchasing 141 BTC over the quarter ending Sept. 30 and bought an additional 40 BTC for $2.6 million since the end of Q3.
It would have made a small gain on its investment, now worth nearly $72 million as Bitcoin hovers around $68,000.
The buys put Semler as the 17th-largest Bitcoin holder among publicly traded companies, ahead of the 1,018.17 BTC owned by Japanese investment firm Metaplanet, according to Bitcoin Treasures data which had not been updated to reflect Semler’s new total at the time of writing.
“We are capitalizing on the opportunity to maximize stakeholder value by accumulating Bitcoin,” said Semler chairman Eric Semler.
“We plan to continue to purchase Bitcoin with cash from operations and with cash proceeds from our sales under our ATM program,” he added. “In addition, we are exploring additional financing opportunities that will enable us to acquire even more Bitcoin.”
Related: Microsoft risks shareholder lawsuit if it ignores Bitcoin and prices rise — NCPPR
Semler’s share price jumped 3.44% in after-hours trading on Nov. 4 to $31 after closing 2.31% down on the day at 29.97, according to Google Finance. Its price is down 32.16% so far this year.
SMLR was up in after-hours trading after disclosing its Q3 results. Source: Google Finance
Semler’s Q3 results on its top and bottom lines were mixed compared to the same time last year.
Its quarterly revenues dropped 17% year over year to $13.5 million, while its net income increased 2% to $5.6 million compared to Q3 2023.
Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining
This article first appeared at Cointelegraph.com News
