The healthcare-focused technology firm, Semler Scientific has added more Bitcoin to its portfolio amid growing institutional interest in the flagship crypto. According to a new announcement, the firm has purchased Bitcoin worth around $5 million, indicating the firm’s growing confidence in BTC. Notably, with the latest purchase, the firm’s total holdings soared past 1K BTC.
Semler Scientific Purchase 83 Bitcoin
The latest acquisition, as reported in a Semler Scientific press release, reflects the firm’s commitment to Bitcoin. According to a recent press release, the Nasdaq-listed tech firm has purchased another 83 BTC, worth $5 million.
Notably, this latest purchase increased the company’s total BTC holdings to 1,012 coins, which was acquired at a total of $68 million. The purchase was primarily funded from the cash generated from operations, along with proceeds from the firm’s at-the-market equity program.
Semler Scientific Chairman Eric Semler highlighted the growing institutional adoption of Bitcoin. He said that the growing interest from the institutions aids the firm in expanding its holdings.
The Chairman also spotlights a crucial milestone that the institutions now hold over 20% of Bitcoin ETF, which showcases the increasing acceptance of BTC as a legitimate asset. He believes that this trend will drive Bitcoin prices higher while creating value for Semler Scientific’s stockholders.
BTC Price Amid Growing Institutional Interest
Semler Scientific has previously announced plans in July to further increase its Bitcoin reserves through stock sales. Notably, this strategy aligns with the broader trend of institutional investors flocking to the crypto, which is seen as a hedge against economic instability and a potential store of value.
Meanwhile, Semler Scientific’s decision to invest heavily in crypto comes at a time when it is gaining traction among traditional financial institutions. With major players like BlackRock, Fidelity, MicroStrategy, and others, entering the space, global investors are shifting their focus towards the crypto.
In addition, the firm’s bold move reflects a broader shift in the corporate world, where companies are increasingly viewing Bitcoin as a strategic asset. By bolstering its Bitcoin holdings, Semler Scientific is positioning itself to benefit from the anticipated long-term growth in Bitcoin’s value, driven by rising demand and limited supply.
However, despite the positive news, BTC price was down 1.22% to $63,403 while its trading volume soared 18% to $22.74 billion. Over the last 24 hours, the crypto has touched a high of $64,996.42, indicating the regaining confidence of the traders.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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