Healthcare tech firm Semler Scientific Inc. says it plans to boost its Bitcoin stack by nearly 28 times in the next two-and-a-half years, growing its holdings from 3,808 Bitcoin to 105,000 Bitcoin.
Semler is aiming to hold a total of 10,000 Bitcoin (BTC) by the end of this year, then 42,000 BTC by the end of 2026, before going for its final target of 105,000 BTC by 2027, the company said on Thursday.
It plans to use equity, debt financing and operational cash flow to reach its target, and has appointed a new director to lead the plan.
Semler first purchased Bitcoin in May 2024 and said it would continue to buy and hold Bitcoin for the long term. It has since bought over 3,800 BTC and has the 13th largest Bitcoin holdings among public companies, according to BitBo data.
Semler’s plan comes amid a trend of publicly traded firms buying Bitcoin, with some prioritizing the purchases above their core business operations.
Reaching 105,000 BTC would mean Semler holds 0.5% of Bitcoin’s fixed 21 million supply. Japanese investment firm Metaplanet also announced on June 9 that it aims to purchase 210,000 Bitcoin by the end of 2027.
Joe Burnett to lead Bitcoin strategy
Semler said that it hired Bitcoin researcher Joe Burnett as its “director of Bitcoin strategy” to lead its Bitcoin-buying plan.
Burnett previously served as director of market research at Bitcoin financial services firm Unchained and earlier as head analyst at Bitcoin mining firm Blockware Solutions.
Burnett worked at the Big Four accounting firm EY (formerly Ernst & Young) before moving into the Bitcoin industry full-time.
“The trend to adopt Bitcoin as part of corporate treasury is clearly accelerating,” he said in the announcement.
Semler may need to reconsider Bitcoin buys: VanEck
VanEck crypto researcher Matthew Sigel said on Monday that Bitcoin-buying public companies should consider sunsetting their strategies altogether if their stock prices drastically drop.
He warned that companies using large at-the-market programs to raise funds for Bitcoin purchases may face problems if their stock starts trading near its net asset value, as issuing more shares could dilute shareholder value instead of boosting it.
Sigel noted that while no public company has reached that point, Semler “is now approaching parity.”
Shares in Semler Scientific Inc. (SMLR) are down by nearly 41% this year and are approaching a similar price as before the company started buying Bitcoin, according to Google Finance.
Semler at $177 million paper gain on Bitcoin
Semler has achieved a 287% Bitcoin yield and an unrealized gain of $177 million on its Bitcoin investments as of June 3.
It also has the fourth-highest Bitcoin per share of 0.00034 among the 130 Bitcoin-holding public companies tracked by BitcoinTreasuries.NET.
Bitcoin per share shows the direct Bitcoin exposure each share in a company offers and its potential impact on stock value.
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