US-based Semler Scientific is doubling down on its Bitcoin bet with plans to raise $75 million through a private offering to fund more purchases. Currently the 13th largest corporate holder of Bitcoin, the medical technology-focused company said in a recent press release that it plans to offer $75 million in convertible senior notes due 2030 to qualified institutional buyers under Rule 144A of the Securities Act. A portion of the funds raised via the offering would be used to add more Bitcoin to its balance sheet while the remainder would be earmarked for funding capped call transactions to offset stock dilution from note conversions and supporting broader operational and growth initiatives. Semler Scientific said in June last year that it would occasionally sell securities across multiple offerings to buy more Bitcoin. Last year, in November, the company sold 505,544 shares under its Controlled Equity Offering agreement with Cantor Fitzgerald and raised $21.5 million through an at-the-market offering to fund similar acquisitions. The announcement coincided with Semler’s fourth-quarter 2024 earnings report, which flagged unrealised gains of $28.9 million from its Bitcoin holding that was established on May 28, 2024. Semler uses a metric called BTC Yield to track the success of its strategy. BTC Yield measures changes in the ratio of the company’s Bitcoin holdings to its diluted shares outstanding. According to a November announcement , between July 1 and November 15, 2024, it reached 37.3%. At the time, CEO Doug Murphy-Chutorian said the company was “laser-focused on acquiring and holding Bitcoin,” while company chairman Eric Semler added that the firm was exploring additional options to “acquire even more Bitcoin.” The Santa Clara-headquartered firm began its Bitcoin journey with a $40 million investment in May, scoping up 581 Bitcoins. It has since consistently expanded its holdings, acquiring an additional 2084 BTC throughout the rest of 2024. Its latest purchase, announced earlier this month, brought the company’s total Bitcoin holdings to 2321 BTC, acquired at an average price of $82,687 per BTC. Since its first purchase, Bitcoin has rallied over 55% to date, backed by a bull market that started after President Donald Trump secured a November victory. Bitcoin as a corporate asset Semler Scientific is one of the many publicly traded firms that have pivoted to a Bitcoin-first strategy, originally popularised by business intelligence firm MicroStrategy . The Michael Saylor-led firm is currently the largest corporate holder of Bitcoin, with its treasury housing 461,000 BTC as of press time, valued at roughly $49 billion. A flurry of other companies has since followed a similar path, including drugmaker Hoth Therapeutics, artificial intelligence developer Genius Group, YouTube alternative Rumble , and Japan’s Meta Planet , among others, all of which have added Bitcoin to their corporate treasuries. The post Semler Scientific plans $75M raise to expand Bitcoin holdings appeared first on Invezz
