Semler Scientific's Audacious Bitcoin Bet

Semler Scientific, a healthcare technology company founded in 2006, has announced an ambitious plan to raise 105,000. By 2027, Bitcoin (BTC) aims to become the second-largest corporate owner of the cryptocurrency globally, trailing only MicroStrategy. The plan is ambitious. The company's ownership and debt amounts to 3,808 to 4,449 as of June 2025. Among public companies, BTC ranks 13th. They have set their sights on achieving 10,000.? BTC by year-end 2025, 42,000. At the end of 2026, BTC would reach 105,000. About 0.5% of Bitcoin's total value will be BTC by 2027.

Semler Scientific intends to finance this substantial influx by means of both equity financing, such as a $500 million stock offering and an ongoing at-the-market program, and debt funding, including $100 million in convertible notes and collateralized loans against its existing BTC holdings. It also intends to leverage operating cash flow, despite the recent decline in its core revenue generated by healthcare. Joe Burnett has been appointed as the Director of Bitcoin Strategy, which is a significant step in Semler's efforts to secure Bitcoin' continued growth and its status as treasury reserve. Semler has reported a substantial Bitcoin yield and unrealized returns on its investments since adopting its "Bitcoin Standard" in May 2024.

This aggressive approach poses significant risks. To achieve the plan, it is necessary to accumulate approximately $2.5 billion in BTC annually until 2027, which is largely determined by favorable market conditions and access to capital. Moreover, the company's core healthcare business has experienced a 44% decline in revenue year-on-year, raising questions about the viability of pursuing purely Bitcoin-based strategies. The cryptocurrency industry's inherent instability and regulatory uncertainties are also a concern for Semler. Nevertheless, Semler's decision is in line with the growing popularity of corporate Bitcoin among companies like Metaplanet, which could help Semantler establish itself as a prominent institutional Bitcoin owner if it succeeds.