Semler Scientific Faces $41M Bitcoin Loss, Plans $500M Raise to Double Down

Semler Scientific, a healthcare tech company best known for its cardiovascular diagnostic tools, is facing a rough start to the year—not from its core business, but from its Bitcoin treasury strategy.

In a preliminary filing with the U.S. Securities and Exchange Commission (SEC) dated April 15, the company reported an unrealized loss of approximately $41.8 million on its Bitcoin holdings for the first quarter of 2025.

Bitcoin Strategy Leads to Major Paper Losses

As of March 31, Semler held 3,182 BTC, which it valued at roughly $263.5 million. The price of Bitcoin dropped by 12% over the quarter—from around $93,500 at the start of January to $82,350 at the end of March. And by April 7, the correction had deepened, pushing BTC briefly below $75,000—a 32% drop from its peak.

Despite these market setbacks, the company remains committed to Bitcoin. CEO Doug Murphy-Chutorian reiterated in a previous statement that Semler is “laser-focused” on accumulating BTC while continuing to grow its healthcare business. 

That conviction appears unshaken, even as the firm posted expected Q1 revenues of just $8.8 to $8.9 million and operational losses in the range of $1.3 to $1.5 million. At the end of the quarter, Semler held only about $10 million in cash reserves.

$500M Securities Offering to Fund Further BTC Buys

Alongside its Q1 report, Semler also disclosed plans for a substantial capital raise. According to a second SEC filing on the same day, the company is preparing to offer and sell up to $500 million in securities. 

While the proceeds are officially designated for “general corporate purposes,” Semler made it clear that a significant portion will go toward further Bitcoin acquisitions.

This bold financial move arrives as the company’s stock, trading under the ticker SMLR on Nasdaq, has tumbled 36% since the beginning of the year. Still, Semler appears to be betting that Bitcoin will eventually deliver long-term returns, even as short-term volatility hits both its digital assets and equity.

Meanwhile, Semler also announced it had reached a tentative $30 million settlement in a Department of Justice civil probe—another financial hurdle that adds context to its ambitious crypto strategy.