Share this article
BTC
$82,802.33
-
0.04%ETH
$1,787.61
-
0.34%USDT
$0.9997
+
0.01%XRP
$2.1324
+
0.36%BNB
$592.88
-
0.07%SOL
$117.73
-
0.69%USDC
$1.0001
+
0.01%DOGE
$0.1676
+
0.11%ADA
$0.6495
-
1.01%TRX
$0.2384
-
0.65%LINK
$12.67
-
0.48%LEO
$8.9897
-
4.86%TON
$3.2363
-
4.98%XLM
$0.2528
-
1.92%AVAX
$17.91
-
0.46%SHIB
$0.0₄1216
-
0.43%SUI
$2.1931
-
1.60%HBAR
$0.1597
-
2.68%LTC
$82.54
-
2.23%OM
$6.1972
-
1.79%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Medical Device Maker Semler Scientific Stock Rises 25% After $40M Bitcoin Investment
The company announced its Bitcoin treasury strategy Tuesday morning.
Semler Scientific (SMLR) disclosed the purchase of 581 bitcoins (BTC) for its treasury, sending its stock price higher by 25% in early U.S. trading hours Tuesday.
The sub-$200 million market cap (prior to this morning's price rise) company held cash and cash equivalents of $62.9 million as of the end of the first quarter, according to its most recent earnings statement. It had first quarter revenue of $15.9 million and operating cash flow of $6.1. million.
STORY CONTINUES BELOW
According to this morning's press release, Semler purchased 581 bitcoins for for $40 million, suggesting an average price of about $68,850 per token.
"Bitcoin is now a major asset class with more than $1 trillion of market value," said company Chairman Eric Semler. "We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of bitcoin."
Today's 25% gain has brought the stock to just a 2% decline on a year-over-year basis.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
