The MedTech company purchased 581 bitcoin, or $40 million.
PriceAnother company is taking the Microstrategy route, and has adopted Bitcoin as a reserve treasury asset.
Semler Scientific, a technology company that services the medical industry, revealed today it had purchased 581 BTC, or $40 million including fees and expenses.
“Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment,” said Eric Semler, Semler Scientific’s chairman. “We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of bitcoin.”
According to a press release published today, Bitcoin will serve as the company’s primary treasury holding.
The news didn’t affect the bitcoin price. BTC dropped 1.3% today to $68,027, after a brief jaunt to $70,000 earlier today. The asset has struggled to maintain that level, even though it added 10% in value over the past two weeks. Bitcoin’s market capitalization remains over the $1.3 trillion mark.
Semler’s move resembles that of Microstrategy, which is touted as the biggest story in corporate finance. Led by its chairman and permabull, Michael Saylor, the company has been relentlessly adding Bitcoin as its reserve treasury asset, and watching the firm’s stock surge astronomically in the process.
When Microstrategy began accumulating Bitcoin back in August 2020, MSTR traded for roughly $120. Now, the stock is valued at $1,660 according to Yahoo Finance.
Semler also said that the approval and “institutionalization” of Bitcoin through the spot ETFs helped to energize his company in adopting the asset.
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