Semler Scientific has significantly ramped up its Bitcoin holdings, recently purchasing an additional 52 BTC for $3 million, bringing its total to 929 BTC valued at approximately $63 million.

This acquisition follows the company's initial strategy announced in late May 2024, where it first purchased 581 BTC for $40 million.

Semler plans to continue acquiring Bitcoin using cash from operations and proceeds from a $150 million shelf registration statement, which is currently pending SEC approval.

Chairman Eric Semler views Bitcoin as a reliable store of value and a hedge against inflation and global instability, reflecting a broader trend of corporate adoption of cryptocurrency.

The growing trend of corporate Bitcoin adoption is driven by network effects and game theory, encouraging more companies to invest to avoid missing out.

The announcement of the Bitcoin strategy coincided with the release of Semler's Q2 financial results, which showed a 22% decline in revenues to $14.5 million compared to the same period last year.

The company's pre-tax net income fell dramatically to $1.1 million, largely due to a $5.1 million negative change in the fair value of its Bitcoin holdings.

Semler's financial performance also revealed significant customer concentration, with three major customers contributing 44%, 27%, and 11% of its revenues.

Following the financial report, Semler Scientific's share price fell by 10% on August 5, reflecting investor concerns about its financial outlook.

With its recent Bitcoin purchases, Semler Scientific now ranks as the 19th largest holder of Bitcoin among public companies, surpassing Canadian mining company Bitfarms.

CEO Doug Murphy-Chutorian emphasized the company's commitment to both expanding its healthcare business and acquiring Bitcoin as part of its long-term strategy.

Semler Scientific will hold a conference call to discuss its second quarter results and future strategies, providing further insights into its operations and investment plans.