Bitrabo Editorial
Semler Scientific, listed on Nasdaq, has revealed its acquisition of 83 Bitcoin valued at $5 million, boosting its total cryptocurrency holdings to 1,012 BTC bought for $68 million.
Semler Scientific Continues to Expand Bitcoin Holdings
Following in the footsteps of MicroStrategy, Semler Scientific has purchased an additional 83 BTC totaling $5 million, aligning with the trend of incorporating Bitcoin into the company’s asset reserve.
Eric Semler, the chairman of Semler Scientific, expressed optimism about the growing institutional acceptance of Bitcoin, linking it to the rise in value both for the cryptocurrency and the shareholders.
Beginning in May 2024, Semler Scientific initiated its Bitcoin investment journey with the purchase of 654 BTC for $40 million, designating Bitcoin as its primary treasury asset. Subsequent investments include 247 BTC for $17 million and 101 BTC for $6 million.
The company is unwavering in its trust in BTC as a long-term asset despite the absence of significant Bitcoin price fluctuations post-purchase.
Rise in Institutional Interest in Bitcoin and Cryptocurrencies
CoinGecko data indicates that 29 public companies worldwide hold over 320,000 BTC collectively in their corporate treasuries, with MicroStrategy leading the pack at over 225,000 BTC valued at more than $14 billion.
Among the companies are Galaxy Digital Holdings, Tesla, and Coinbase, owning more than 1.6% of all BTC, demonstrating the increasing adoption of Bitcoin as a reliable inflation hedge.
Wall Street giants like Goldman Sachs foresee this trend continuing, particularly with recent approvals of Bitcoin-based exchange-traded funds (ETFs), giving further legitimacy to the digital asset.
The approval of crypto ETFs has had a positive influence on other digital currencies like Solana (SOL) and Ethereum-based ETFs in the US, attracting substantial investments despite market challenges.
Bitcoin ETFs have seen significant success in 2024, amassing close to $18 billion, with potential for increased institutional engagement post the US Federal Reserve’s anticipated interest rate cuts starting in September 2024.