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Medical technology firm Semler Scientific has continued its strategy of purchasing Bitcoin for its corporate treasury, scooping up an additional 52 BTC for an aggregate cost of $3 million.
The firm announced its latest Bitcoin buys in a press release accompanying its second quarter financial results, noting that its purchase of BTC from June 30 through August 5 brought its BTC holdings to 929 BTC, at an aggregate cost of $63 million including fees and expenses.
Yesterday's crypto price crash has left Semler in the red, with its holdings worth just over $51 million at Bitcoin's current price of around $55,000.
Nevertheless, the firm's chairman Eric Semler professed himself "encouraged by the strong positive reaction" to Semler Scientific's announcement of a BTC treasury strategy.
Describing the cryptocurrency as a "compelling investment," Semler outlined plans to acquire additional Bitcoin with "our cash from operations, as well as with cash generated from the sale of securities under our $150.0 million shelf registration statement, once effective."
Semler's Bitcoin strategy
Semler Scientific first announced plans to adopt Bitcoin as its "primary treasury reserve asset" in May, scooping up 581 BTC for $40 million, inclusive of fees and expenses.
At the time, Eric Semler lauded the cryptocurrency as "digital gold" and highlighted its potential to generate "outsize returns."
Semler Scientific is following in the footsteps of software company MicroStrategy, which under the leadership of Bitcoin bull Michael Saylor has adopted an aggressive strategy of BTC purchases. The software firm currently holds some 226,500 BTC, worth a total of over $12 billion at current prices.
Other companies have adopted the Microstrategy playbook, including Japanese real estate firm Metaplanet and Argentinian e-commerce company MercadoLibre.
With its latest round of Bitcoin purchases, Semler Scientific now holds the 19th largest Bitcoin treasury among public companies that hold BTC, per data from BitcoinTreasuries.