Medical Tech Firm Doubles Down on Bitcoin Strategy Despite Q1 Drawdown
Semler Scientific, a U.S.-based healthcare technology company, revealed on April 15 that it incurred a $41.8 million paper loss on its Bitcoin (BTC) holdings in the first quarter of 2025 amid the crypto market’s recent correction.
The company, which now holds 3,182 BTC worth approximately $263.5 million as of March 31, cited a 12% drop in Bitcoin’s price during the quarter—from $93,500 at the start of January to $82,350 at the end of March. BTC has since dipped below $75,000, marking a 32% correction from its all-time high.
Despite the loss, Semler appears undeterred. In a separate SEC filing, the firm proposed a plan to sell up to $500 million in securities—part of which would be allocated toward purchasing more Bitcoin.
“We remain laser-focused on acquiring and holding Bitcoin while supporting innovation and growth in our healthcare business,” said CEO Doug Murphy-Chutorian.
A High-Risk Strategy from a Non-Crypto Firm
Semler Scientific is currently the 12th-largest corporate holder of Bitcoin, surpassing even Hong Kong-based gaming firm Boyaa Interactive, according to Bitbo. However, this strategy comes with risks.
The company reported Q1 revenues between $8.8 and $8.9 million and an operating loss of up to $1.5 million. As of March 31, Semler had approximately $10 million in cash and cash equivalents—raising questions about the sustainability of its aggressive BTC acquisition model.
Adding to the financial headwinds, the company disclosed it has reached a $30 million settlement in principle related to a civil investigation by the U.S. Department of Justice, further complicating its balance sheet.
$500 Million Securities Offering Announced
In its latest filing, Semler stated that it may conduct multiple offerings to raise up to $500 million in capital through the sale of common stock or other securities.
“We may offer and sell securities from time to time in one or more offerings,” the company wrote.
“Net proceeds will be used primarily for general corporate purposes, including the acquisition of Bitcoin.”
Shares in Semler Scientific (Nasdaq: SMLR) have fallen 36% year-to-date, adding pressure to a company that’s juggling healthcare innovation, cryptocurrency exposure, and regulatory settlements.
The company acknowledged the volatility, warning investors in the filing that its stock may continue to experience sharp fluctuations in the future.
Final Thoughts: High Conviction or High Risk?
Semler’s continued commitment to Bitcoin amid volatility—and even legal challenges—positions it among a rare group of non-crypto corporations betting big on digital assets.
The proposed $500 million raise signals not just a hedge, but a core thesis: that Bitcoin remains a long-term store of value worth accumulating, regardless of short-term pain.
Whether this strategy will pay off or become a cautionary tale in corporate treasury management remains to be seen. But one thing is certain: Semler Scientific is all in on Bitcoin—and it’s not backing down.
