Semler Scientific announced the purchase of about $10 million worth of Bitcoin between Feb. 14 and April 24. The healthcare technology company acquired 111 bitcoins during this period. It used proceeds from its ATM offering and cash on hand.
The overall cost per Bitcoin, including all fees and expenses, was $90,124. As of April 24, Semler Scientific possessed 3,303 BTC. The company paid a combined $290.4 million to purchase them at an overall cost of $87,929 per bitcoin.
According to the Coinbase exchange rate at 4 p.m. ET on April 24, its holdings of Bitcoin were worth $309.1 million. Semler Scientific previously entered a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. This enabled it to sell up to $150 million of its common stock.
Bitcoin-funded stock sales and capital raises
Up to the April 22, 2025, cutoff, it sold 2,438,274 shares and generated approximately $126 million after fees. On April 15, 2025, it created a new deal to sell up to $500 million worth of stock. By April 24, it had sold 57,100 shares for a total of $2 million, according to the new deal.
Semler Scientific employs a performance indicator referred to as BTC Yield. This refers to the percentage variation in the ratio between its holdings of Bitcoin and its assumed diluted shares outstanding. As of April 24, 2025, the company’s year-to-date BTC yield was 23.5%.
Management uses the measure known as BTC Yield to evaluate its Bitcoin acquisition strategy. They consider that it indicates whether or not purchasing Bitcoin using equity capital is advantageous to shareholders. Nevertheless, BTC Yield isn’t a measure of traditional financial performance or return.
Limitations of the BTC yield metric
The company cautions that the BTC yield measure contains several caveats. It only assumes that all convertible notes are converted to common stock. It doesn’t factor in issues such as the stock option exercise price or conditions attached to convertible notes.
Semler Scientific pays for its Bitcoin acquisitions from various funding sources, such as operations, sales of stock, and convertible note offerings. The future outcomes may vary since numerous outside factors affect the company’s ability to raise capital or acquire Bitcoin.
Investors are counseled to look to Semler Scientific’s official SEC filings. BTC Yield is solely to be used as a supporting tool for savvy investors. Ownership of the company’s shares is not equivalent to ownership of the Bitcoin it holds. Semler Scientific remains involved in the healthcare technology industry while investing significantly in Bitcoin as a treasury position.
