Joining the ranks of MicroStrategy! Medical company Semler Scientific announces purchase of Bitcoin

According to a report from CNBC, medical technology company Semler Scientific announced that it has "adopted bitcoin as its primary reserve asset," leading to a 24% surge in its stock price yesterday. The report also compiled a list of publicly traded companies holding bitcoin, which includes MicroStrategy that has been advocating for bitcoin purchases since 2020, as well as Tesla, Block, and Coinbase. The recent inclusion of the Japanese company Metaplanet further demonstrates the increasing popularity of bitcoin.

Semler Scientific Announces Purchase of 581 Bitcoins

Semler Scientific, a medical technology company developing products for the detection of peripheral artery disease, has announced the purchase of 581 bitcoins for approximately $40 million including fees and expenses. Chairman Eric Semler stated in a release:

Our bitcoin treasury strategy and purchase of bitcoin underscore our belief in bitcoin as a reliable store of value and an attractive investment.

He added that as a scarce and limited asset, bitcoin has unique characteristics that make it a reasonable hedge against inflation and a safe haven in times of global instability. Given the value differential between gold and bitcoin, we believe bitcoin has the potential for significant returns as it becomes increasingly accepted as digital gold.

Semler Scientific stated that the company will continue to focus on its core medical products and services, and as the company generates revenue and free cash flow from the sales of its blood flow testing products, it will actively assess the use of its excess cash.

Other Companies Holding Bitcoin

MicroStrategy Holds 214,400 Bitcoins

One of the most well-known examples of a company purchasing bitcoins is MicroStrategy. MicroStrategy began adopting an aggressive bitcoin acquisition strategy in 2020 and shifted its focus and branding to a bitcoin development company this year. It currently holds 214,400 bitcoins on its balance sheet, making it the publicly traded company with the largest bitcoin holdings.

Bitcoin to the Moon! What is MicroStrategy's Bitcoin Strategy?

Tesla Holds 10,800 Bitcoins

Tesla purchased 48,000 bitcoins in 2021, sold 4,800 bitcoins in the first quarter of 2021 and 32,400 bitcoins in the second quarter of 2022, and has not made any changes since then. Tesla's bitcoin inventory stands at 10,800 bitcoins.

Block Holds 8,038 Bitcoins and Initiates Bitcoin DCA Plan

Block, the payment platform owned by Twitter's founder Jack Dorsey, formerly known as Square, is also one of the early companies to buy bitcoins. As of March 31, 2024, Block holds 8,038 bitcoins on its balance sheet, and Dorsey announced that starting in April, 10% of the gross profit from its bitcoin products will be used to purchase bitcoins.

Block initiates a Bitcoin DCA plan, investing 10% of gross profit into BTC monthly

Coinbase Buys BTC and ETH as Long-Term Investments

Cryptocurrency exchange Coinbase also holds crypto assets for the long term. As of 3/31, it holds:

Bitcoin: 9,183 coins, with a cost of $29,450
Ethereum: 96,086 coins, with a cost of $1,982

Japanese Company Metaplanet Enters the Fray

Metaplanet, a conglomerate that started as a hotel company in Japan, has held 117.7 bitcoins since announcing its bitcoin investment strategy on April 8, now valued at $8.2 million. Following the introduction of a bitcoin strategy, its stock price surged sixfold.

Japanese MicroStrategy Metaplanet hits limit up for two consecutive days, surging sixfold after introducing bitcoin strategy