Semler Scientific Shares Dip as Losses Widen Despite Bitcoin Gains

Semler Scientific, the U.S.-based medical device company that has recently turned heads for its aggressive Bitcoin acquisitions, reported disappointing first-quarter earnings, sending its stock price lower in after-hours trading. 

The company’s Q1 report, released on May 13, revealed a 44% year-over-year drop in revenue, falling to $8.8 million. Net losses deepened dramatically, hitting $64.7 million compared to a $6.1 million net income in the same quarter last year.

Despite closing the regular trading day with a 5% gain, shares of Semler Scientific (NASDAQ: SMLR) slipped 1.91% in after-hours trading to $36, according to Google Finance. The company’s stock has lost more than 32% of its value so far in 2025.

Semler attributed the downturn in its financial performance to reduced medical device revenue. However, it continued to invest heavily in Bitcoin, acquiring 894 BTC during the first quarter. As of March 31, Semler held 3,192 BTC valued at $263.5 million, despite a cumulative fair value decrease of $16.9 million.

Bitcoin Treasury Strategy Expands

Since the end of Q1 through May 12, Semler purchased an additional 616 BTC for $59.6 million, bringing its total holdings to 3,808 BTC at a fair value of $387.9 million. The company’s total purchase cost now stands at $340 million. Semler noted that it saw an unrealized gain of $41.6 million on its BTC holdings during Q1, which has since risen to $52 million.

The firm’s debt-to-Bitcoin net asset value ratio is currently at 25.3%, according to its internal Bitcoin dashboard. In a previous SEC filing on April 15, Semler outlined plans to raise $500 million through a share offering, with some proceeds earmarked for expanding its Bitcoin treasury.

Corporate Buying Accelerates

Semler is among a growing list of public companies accumulating BTC. According to Bitcointreasuries.net, 104 public firms now hold nearly 787,000 BTC. Leading the pack is Strategy (formerly MicroStrategy) with over 568,000 BTC—around 2.7% of BTC total supply.

On May 13, stablecoin issuer Tether made headlines after purchasing $459 million worth of Bitcoin on behalf of Twenty One Capital, a company it backs. Twenty One Capital is now the third-largest BTC holder, following Strategy and MARA Holdings.

Industry experts like Blockstream CEO Adam Back have suggested that continued institutional demand could trigger “hyperbitcoinization,” potentially propelling Bitcoin’s market cap beyond $200 trillion in the coming decades.