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Semler Scientific Unveils Bitcoin Treasury Strategy
Semler Scientific ($SMLR) revealed the purchase of 581 bitcoins for its treasury, sending its share price up 25% in early U.S. trading hours on Tuesday.
According to his most recent earnings statement, the company, which had a market capitalization of less than $200 million before this morning’s price increase, had cash and cash equivalents of $62.9 million at the end of the first quarter. In the first quarter, it reported revenue of $15.9 million and operating cash flow of $6.1 million.
According to this this morning’s press releaseSemler bought 581 bitcoins (Bitcoin) for $40 million, suggesting an average price of around $68,850 per token.
Another company has added Bitcoin to its reserve: this time healthcare giant Semler Scientific $SMLR has adopted #Bitcoin as the Treasury’s main reserve asset by purchasing $40 million worth of Bitcoin.
Follow the footsteps of Microstrategies?
The stock rises 22% on… pic.twitter.com/V7zsazKwFj
— MartyParty (@martypartymusic) May 28, 2024
“Bitcoin is now a major asset class with more than $1 trillion in market value,” said company president Eric Semler. “We believe it has unique characteristics as a scarce and limited asset that can serve as a reasonable hedge against inflation and a safe haven amid global instability. We also believe its digital and architectural resilience makes it preferable to gold, which has a market value approximately 10 times that of bitcoin.”
Today’s 25% gain has the stock down just 2% year over year.
3 day 1 minute chart of $SMLR from TradingView