The medical technology firm is continuing to buy BTC, though its investment remains deep in the red.
Bitcoin treasury firm Semler Scientific has added another $6 million in Bitcoin to its balance sheet, comprising more than the entirety of the medical company’s Q2 earnings.
The purchase reflects an ongoing commitment to Semler’s Bitcoin acquisition strategy despite the asset recently tapping its lowest price level since February.
Semler Scientific Buys More Bitcoin
In a Monday press release, Semler confirmed that it hauled $5.4 million in profit during the second quarter. Meanwhile, the firm acquired 101 BTC for $6 million, bringing its total BTC holdings up to 929 BTC worth $52.2 million at writing time.
Semler has now spent $63 million on BTC in aggregate, making its average cost per coin $67,814. In other words, since Semler first began buying on May 28, it’s down 17.41% on its investment.
“We are very encouraged by the strong positive reaction to our recent announcement of a bitcoin treasury strategy,” said Eric Semler, chairman of Semler Scientific. He continued:
“We continue to firmly believe that bitcoin is a compelling investment and plan on acquiring additional bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our $150.0 million shelf registration statement, once effective.”
Semler’s Plans With The SEC
In early June, Semler announced that it was working with the SEC to be greenlighted to sell a combination of debt securities and common stock to raise up to $150 million. Per the filing, the proceeds will be used for “general corporate purposes including the acquisition of bitcoin.”
This strategy closely mimics that of MicroStrategy, the first public company to go all in on BTC, which has leveraged the capital market to acquire over 226,000 BTC to date.
Shares in Semler are up 1.44% on the day. Despite BItcoin’s massive correction since late May, the company’s stock is still up modestly since that time – a common trend among firms that have adopted BItcoin as a treasury asset so far.
Semler’s unaudited Q2 financial statement shows that the firm has $84 million in assets, of which $54.9 million included Bitcoin as of June 30. The company’s market cap is $187 million, according to Yahoo Finance.
Source: cryptopotato.com
