Samler Scientific CorporationLittle-known medical technology company says it has adopted Bitcoin As its main treasury reserve asset, it borrows from MicroStrategy’s approach.
The company, which develops products to detect peripheral artery disease, also announced the purchase of 581 Bitcoins for approximately $40 million, including fees and expenses.
The stock surged 37% on Tuesday, while Bitcoin traded down about 2%, according to Coin Metrics. Semler has a market value of about $210 million, and its shares have fallen more than 30% this year.
Eric Semler, chairman of Semler, said in a statement: “Our Bitcoin Vault strategy and Bitcoin purchases underscore our belief that Bitcoin is a reliable store of value and a compelling investment.
Semler Scientific shares surge after announcing Bitcoin vault strategy
“We believe that, as a scarce and finite asset, it has unique characteristics to serve as a reasonable inflation hedge and safe haven in times of global instability,” he added. “Given the tension between gold and Bitcoin value gap, we believe Bitcoin has the potential to generate significant returns as it becomes increasingly accepted as digital gold.”
This move brought Semler into micro strategy, the company began adopting an aggressive Bitcoin buying strategy in 2020 and has traded primarily as a proxy for cryptocurrency prices since then. The stock is up about 163% this year.
MicroStrategy launches as an enterprise software provider. In February, the company said it would shift its focus and brand to Bitcoin development.
Semler said Tuesday that the company will continue to focus on its core medical products and services and will proactively evaluate the use of its excess cash as it continues to generate revenue and free cash flow from sales of its blood flow testing products. .
Tesla and clogged companies also included Keep a certain amount of Bitcoin on their balance sheet.
Bitcoin is up 60% this year and is trading near a record. Many believe that adoption by corporate finance departments is a better indicator of intuitive adoption than big-name funds that hold and potentially trade cryptocurrencies.
However, this trend has yet to take off on a large scale due to regulatory uncertainty and ESG considerations.
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