Semler Scientific Ventures into Cryptocurrency with Acquisition of 581 Bitcoin
Semler Scientific, a publicly traded medical technology firm, made headlines on Tuesday by investing in Bitcoin for its treasury.
The company disclosed the acquisition of 581 bitcoins, valued at $40 million. Joining a growing trend pioneered by companies like Microstrategy in 2020. Semler Scientific, known for its products and services focusing on the early detection and treatment of chronic diseases, was co-founded by Dr. Herbert J. Semler in 2007. Eric Semler, the company’s chairman, expressed confidence in Bitcoin’s future, citing its status as a reliable store of value and compelling investment.
The decision to invest in Bitcoin came after careful evaluation of various options for their cash reserves, with Semler Scientific ultimately viewing Bitcoin as the most advantageous use of excess funds. Following the announcement, Semler Scientific’s stock (Nasdaq: SMLR) surged by over 20% at the start of trading on Tuesday. This move aligns with a broader trend in which companies are diversifying their portfolios by including digital assets like Bitcoin.
Clever Robot News Desk 29th May 2024
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