Semler Scientific Shares Surge Following its Major Bitcoin Pivot

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Shares of Semler Scientific, a medical device maker, surged by 27% following the company’s announcement to adopt Bitcoin (BTC) as its primary treasury reserve asset. Notably, this strategic move signals the company’s entry into the cryptocurrency space, leveraging its cash reserves for digital asset investment.

Semler Scientific Shows Confidence in Bitcoin 

Meanwhile, the company revealed that it acquired 581 Bitcoin at an aggregate cost of $40 million, underscoring its confidence in BTC’s potential as a long-term store of value. Interestingly, the surge put the market capitalization of all Semler Scientific’s shares above $200 million as of publication.

However, Semler’s move follows similar actions by other high-profile companies that integrated Bitcoin into their treasury strategies. By adopting Bitcoin, Semler Scientific aims to protect its assets from traditional economic fluctuations and capitalize on the burgeoning cryptocurrency market.

Additionally, the company affirmed the continuity of cash reserve accumulations and revenue generation, adding that Bitcoin will continue to serve as its principal treasury holding.

Reddit Use Excess Cash to Purchase Bitcoin

In a filing for its initial public offering (IPO), Reddit revealed that it bought small amounts of Bitcoin with its extra cash reserves.it is important to note that the social media platform has only added Bitcoin and Ether to its assets and as of December 31, 2023, the amounts were “immaterial.”

Likewise, in the filing, Reddit confirmed that its product and engineering teams also hold cryptocurrencies for “specific uses,” but did not mention which digital assets they held. The platform also sees significant potential in blockchain technology.

Meanwhile, earlier in the month, Block Inc., led by Twitter co-founder Jack Dorsey, unveiled a new initiative to invest in Bitcoin monthly, utilizing a portion of its gross profit from Bitcoin products.

2024 is a Good Year for Bitcoin

In February, MicroStrategy, the renowned data analytics firm led by Chairman Michael Saylor, purchased an additional 3,000 Bitcoins for approximately $155 million, further solidifying its position as one of the most significant institutional holders of the digital asset.

Interestingly, MicroStrategy’s steadfast commitment to Bitcoin has not gone unnoticed, with the company emerging as a trailblazer in institutional adoption. By constantly allocating significant resources to acquire and hold Bitcoin, Microstrategy has demonstrated its confidence in the digital currency’s resilience and enduring value proposition.

Michael Saylor has been a vocal advocate for BTC, often espousing its virtues as a superior store of value compared to traditional fiat currencies. He has positioned MicroStrategy as a pioneer in embracing Bitcoin as a treasury-reserved asset, setting a precedent for other corporations to follow suit.

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