Semler Scientific Files $500M Offering to Expand Bitcoin Holdings

Semler Scientific, Inc. has filed a $500 million mixed-securities offering to fund additional bitcoin acquisitions, reinforcing its strategy to adopt the cryptocurrency as its primary treasury reserve asset.

Semler Chairman: ‘We Have Reached a Settlement in Principle’

Semler Scientific (Nasdaq: SMLR), a medical technology company, announced plans to raise up to $500 million through a shelf registration to purchase more bitcoin ( $BTC), according to an S-3 filing with the U.S. Securities and Exchange Commission (SEC). The funds will support the company’s ongoing bitcoin accumulation strategy, which it adopted in May 2024.

On Tuesday, Eric Semler, the company’s chairman of the board, stated, “We have reached a settlement in principle, EXCITED TO BUY MORE $BTC!” The company views bitcoin as a long-term store of value (SoV), comparing it to gold but with greater growth potential due to its finite supply and increasing institutional adoption.

The filing allows Semler Scientific to sell debt securities, common stock, units, or warrants in one or more offerings. Proceeds may also be used for general corporate purposes, but the primary focus remains bitcoin acquisition. The company has already utilized proceeds from previous equity and debt offerings to expand its bitcoin holdings.

For instance, Semler has deployed capital from its senior convertible notes offering and the sale of a minority stake to acquire bitcoin. The company further bolstered its $BTC treasury through an at-the-market (ATM) equity program and operational cash flow. As of April 15, 2025, Semler Scientific holds 3,192 $BTC. Meanwhile, SMLR shares edged up 0.41% on Tuesday, extending a five-day climb of 8.8%.

The filing highlighted bitcoin’s wild price swings, which ranged from $50,000 to $109,000 in the past 12 months. While Semler openly addressed risks—from shifting regulations to digital security vulnerabilities—it doubled down on its bitcoin strategy. The company did not specify when the offering would wrap up.