Medical device manufacturer Semler Scientific has stated that it continues to be “laser focused” on acquiring and retaining more Bitcoin as its cryptocurrency reserves exceeded 1,050 BTC.
Semler Scientific, a healthcare manufacturing company, currently holds 1,058 Bitcoin (BTC) valued at $71 million, having purchased 47 BTC in Q3.
According to a Q3 financial results report, Doug Murphy-Chutorian, the Chief Executive Officer of the Santa Clara-based company, stated that Semler Scientific is committed to “acquiring and holding Bitcoin while supporting innovation and growth in our healthcare business.”
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Despite its cryptocurrency-focused investment strategy, Q3 proved to be a challenge for Semler Scientific. The firm’s revenue declined 17% year-over-year to $13.5 million, and operating income dropped 20% to $5.1 million. Following the report, the company’s shares on Nasdaq dipped 2.3%, but they are still up 18% over the past month, according to Google Finance.
Semler first entered the Bitcoin market in May with the purchase of 581 BTC for $40 million. At the time, Semler underscored Bitcoin’s potential as a “reliable store of value” and a “compelling investment,” highlighting its scarcity and potential as an inflation hedge and safe haven amid global economic uncertainty.
Semler also stated that the company believes Bitcoin’s digital, architectural resilience “makes it preferable to gold, which has a market value of approximately 10 times that of Bitcoin.”
Further reading:
Semler Scientific Expands Bitcoin Portfolio with $5m Purchase