This stock is up 38% since the MicroStrategy Bitcoin Plan reversed.

Bitcoin development company MicroStrategy has found another copycat willing to copy its all-in strategy on BTC.

Semler Scientific ( SMLR ), a well-known medical company listed on NASDAQ, announced Tuesday that it has adopted bitcoin as its “primary treasury reserve asset.”

Semler Scientific has made a leap for Bitcoin

Semler started the scheme with an initial purchase of 581 BTC at a cost of $40 million, including taxes and fees. Before the end of trading on Tuesday, SMLR stock rose as much as 38% to $33.25 in response.

“Bitcoin is now a major asset class with a market value of over $1 trillion,” Semler Scientific Chairman Eric Semler said in explaining the company's decision. “We believe it has unique characteristics as a limited and finite asset that can serve as a reasonable inflation hedge and a safe haven amid global uncertainty.”

Semler said the company sees Bitcoin as “digital gold” — a moniker given to many prominent investors, including BlackRock CEO Larry Fink. Like its predecessor, Bitcoin has a limited supply that makes it a strong store of value, but being digital, it is much easier to move.

“Its digital and architectural resilience makes it preferable to gold. Its market cap is 10 times that of bitcoin,” Selmer said. “Given the price differential between gold and bitcoin, we believe that bitcoin has the potential to generate excessive profits.”

The company said it is actively reviewing how it operates the profitable healthcare company and how it will use the surplus. “Based on market conditions and Semler Scientific's anticipated financial needs,” Bitcoin will serve as the primary treasury store.

Corporate Bitcoin Standard Acceptance

The firm's strategy is similar to that of business intelligence software firm MicroStrategy (MSTR), which began acquiring Bitcoin rapidly in August 2020. Since then, MicroStrategy has accumulated more than 214,000 BTC on its balance sheet and its share price has increased by more than 1000%.

After MSRR, a small Japanese investment firm called Metaplanet announced its strategy to acquire as much BTC as possible, planning to use stock exchanges and other capital market tools to achieve its goal.

Last week, Tokyo's stock market was forced to halt trading after hitting its highest daily price increase limit for two consecutive trading days.