Healthcare tech company Semler Scientific has bought an additional 47 bitcoin for $3 million, bringing its total holdings to 1,058 bitcoin, as the company continues its bitcoin accumulation strategy.
The Nasdaq-traded firm announced on Monday that it plans to acquire more bitcoin while running its healthcare business, alongside the release of its third-quarter earnings results.
“We remain laser-focused on acquiring and holding bitcoin, while supporting innovation and growth in our healthcare business,” said Doug Murphy-Chutorian, chief executive officer of Semler Scientific.
Semler Scientific’s stock closed down 2.3% at $29.97 on Monday but jumped 3.4% in after-hours trading. The stock price has risen 18.1% over the past month but remains down 32.1% year-to-date, according to Google Finance.
The company has repeatedly said it has adopted bitcoin as its primary treasury asset. According to its statement, during the third quarter, Semler Scientific purchased 141 bitcoin for $8.4 million.
The firm's bitcoin acquisition strategy resembles that of MicroStrategy, which holds 252,220 BTC and remains the largest public corporate holder of bitcoin.
“We are capitalizing on the opportunity to maximize stakeholder value by accumulating bitcoin,” Eric Semler, chairman of Semler Scientific, said in the Monday statement. “We plan to continue to purchase bitcoin with cash from operations and with cash proceeds from our sales under our ATM program. In addition, we are exploring additional financing opportunities that will enable us to acquire even more bitcoin.”
Semler Scientific also noted that its at-the-market (ATM) program became effective on Aug. 13, allowing it to issue and sell up to $50 million of its common stock from time to time. As of Sept. 30, the company had sold 86,734 shares under the agreement for $2.5 million, according to the statement.
According to its latest earnings report, the company’s third-quarter net income expanded to $5.6 million, compared to $5.5 million in the same period last year. The company reported $13.5 million in revenues in the third quarter, down 17% year over year.
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