Thomas Daniels
Semler Scientific Inc. (NASDAQ: SMLR) has reinforced its commitment to Bitcoin as a strategic treasury asset by acquiring an additional 185 BTC between May 23 and June 3, 2025. This latest $20 million purchase raises the company’s total Bitcoin holdings to 4,449 BTC, accumulated at an average price of $92,158 per coin, amounting to a total investment of $410 million.
As of June 4, 2025, with Bitcoin trading near $104,837, the market value of Semler’s cryptocurrency reserve stands at approximately $467 million, yielding an unrealized gain of roughly $57 million. The purchase was funded through proceeds from Semler’s at-the-market (ATM) equity offering program, launched in April 2025. Under this initiative, the company has raised around $136.2 million by issuing more than 3.6 million shares of its common stock.
Chairman Eric Semler reaffirmed the firm’s strategic intent to grow its Bitcoin holdings through operating cash flow, as well as debt and equity financing mechanisms. The company employs a proprietary metric, “BTC Yield,” to track performance. As of June 3, 2025, this figure had risen to 26.7% year-to-date, indicating a notable increase in the ratio of Bitcoin held to diluted shares outstanding.
Despite the growth in its digital asset reserves, investor sentiment remains cautious. Semler’s shares are down approximately 37% in 2025, although they have gained 16% since May 29, 2024, when the firm initially disclosed its Bitcoin reserve strategy.
Across the market, companies investing in Bitcoin have reported mixed outcomes. While Strategy has seen its shares rise 33% year-to-date, Japanese firm Metaplanet posted a significant 265% surge. Meanwhile, Bitcoin itself has been volatile in 2025—up 11.8% YTD with a record high of $112,000, but also experiencing dips below $77,000 amid geopolitical tensions and macroeconomic uncertainty.
Currently, about 3.4 million BTC are held in corporate and institutional treasuries. Public companies and ETFs dominate these holdings, followed by governmental reserves.
