Semler Scientific now holds 828 bitcoins and has a $150M plan to buy more.
Nasdaq-listed medical manufacturer Semler Scientific — which made headlines last month for adding bitcoin (BTC) to its treasury — bought another $17 million worth of assets and may raise up to $150 million to buy more.
The firm's latest Bitcoin purchase was revealed in the S-3 to the United States securities regulator on June 6. After the first purchase of 581 Bitcoin on May 28, it now contains 828 Bitcoin, worth more than $58.5 million.
“[It underscores] Our view is that Bitcoin is a compelling investment and can serve as a safe store of value. We will continue to follow our strategy of buying bitcoins for cash.
Semler doesn't waste much time either. It announced that it could raise an additional $150 million in debt securities, with a portion of the proceeds used to purchase more bitcoins.
“We intend to use the net proceeds from the sale of any securities offered under this prospectus for general corporate purposes, including the purchase of bitcoins,” he wrote.
In a June 6 statement, company CEO Doug Murphy-Chutorian said Semler's bitcoin investment strategy has become the company's top-line priority alongside its healthcare business.
Bitcoin, now Semsler's primary treasury asset, can serve as a “reasonable inflation hedge and a safe haven amid global volatility,” the company said in an SEC filing.
“We also believe that its digital, architectural recovery makes it more desirable than gold, whose market value is higher than bitcoin's market value,” Semler said. “Given the price differential between gold and bitcoin, we believe bitcoin has the potential to generate excessive returns as it gains acceptance as ‘digital gold'.
The firm stated that it “has no plans to purchase any cryptocurrency assets other than Bitcoin.”
Shares of Semler ( SMLR ) jumped 30% on news of the May 28 buy. However, it failed to emerge this time, falling 2.5% to $29.13 on June 6, Google Finance data shows.
Related: Billionaire Investor Bill Miller Puts 50% of Net Worth in Bitcoin
Japan-based investment firm Metaplanet is another firm that has adopted the microstrategy bitcoin playbook.
He first bought $6.5 million worth of bitcoins on April 8 and has since made several purchases, totaling 117.7 bitcoins, or $8.3 million at current prices.
Metaplanet's latest bitcoin purchase on May 22 contributed to it being the best-performing stock on the Tokyo Stock Exchange for two consecutive days.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in.
