Semler Scientific makes fresh $50M BTC purchase near all-time high price

On May 23, 2025, Semler Scientific, Inc. filed a Form 8-K with the SEC, in which it outlined its latest Bitcoin investments and at-the-market (ATM) equity offering progress. 

According to the filing, Semler Scientific has established a Bitcoin dashboard on its website to meet Regulation FD requirements, ensuring broad access to material information.

The dashboard will show market data for the company’s common stock and Bitcoin, alongside key performance indicators like BTC Yield, BTC Gain, and BTC $ Gain. It also tracks Bitcoin purchases and holdings.

Key data from the filing

As far as its BTC acquisition is going, Semler Scientific has had access to a steady stream of cash. On April 15, 2025, Semler entered a Controlled Equity Offering Sales Agreement with multiple financial institutions, which permitted the sale of up to $500 million in common stock via an ATM program.

By May 22, 2025, the company had parted with 3,003,488 shares and raised $114.8 million in net proceeds. Those funds went into the acquisition of 455 Bitcoins between May 13 and May 22, 2025, for $50 million, at an average price of $109,801 per Bitcoin, fees inclusive.

As of May 22, 2025, Semler had 4,264 Bitcoins, purchased for $390.0 million at an average price of $91,471 per Bitcoin. The market value of these holdings was $474.4 million, based on Coinbase’s price at 4:00 p.m. ET, reflecting an $84.4 million unrealized gain.

The company’s BTC Yield, a KPI measuring the performance of its Bitcoin strategy, reached 25.8% year-to-date through May 22, 2025, highlighting the accretive nature of its investments.

Semler Scientific’s Bitcoin plan is not as aggressive as Strategy’s

Since the world woke up to the genius of Michael Saylor, many companies have attempted to replicate his playbook with respect to Bitcoin acquisition.

Super BTC Sunday with the 🐐 pic.twitter.com/pcwhiXH2zO

— Eric Semler (@SemlerEric) February 9, 2025

Semler Scientific is one of the companies that has followed that playbook, adopting a bold shift toward BTC as a treasury asset. However, it does not mirror Strategy’s aggressiveness, instead favoring an equity-focused approach.

Semler Scientific’s pivot began in 2024, when it announced its first Bitcoin purchases, aiming to diversify its balance sheet and hedge against inflation. Like many financial bodies now, the company sees Bitcoin as a reliable store of value, and has leveraged its ATM program to raise capital efficiently without diluting shareholder value excessively.

Its 25.8% BTC Yield, driven by Bitcoin’s price appreciation, is proof that the approach works. Semler’s leadership, including CFO Renae Cormier, who signed the filing, hopes to emphasize transparency through the Bitcoin dashboard, and its latest moves align with growing corporate interest in cryptocurrency as a strategic investment.

Other companies doing something similar include Metaplanet, Mara Holdings, Riot Platforms, and Hut8.

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