Semler Scientific expands Bitcoin holdings with a $29.3M purchase of 303 BTC, while its stock surges 149% amid growing institutional crypto adoption and declining exchange supplies.
Semler Scientific Inc. (NASDAQ: SMLR), a California-based company that provides software solutions to improve the clinical performance of healthcare providers, announced the acquisition of 303 Bitcoin BTC $71 415 24h volatility: 1.4% Market cap: $1.43 T Vol. 24h: $61.71 B for about $29.3 million between November 25, and December 4, 2024. The company announced that it acquired the latest Bitcoin trove at an average price of about $96,779.
As of this writing, Semler Scientific held a total of 1,873 Bitcoins, which were purchased for about $147.1 million at an average price of about $78,553. The company announced that it offered an additional $50 million worth of its shares under the existing ATM offering with Cantor Fitzgerald, thus increasing the total amount offered to $100 million.
Consequently, Semler Scientific has raised a total of $79.8 million from the share sales under the ATM offering. Before the acquisition of 303 Bitcoins, the company’s BTC yield was about 54.7 percent.
“We are very pleased to report a BTC Yield of 78.7 percent. In addition, we have requested approval from the options exchanges to allow options trading in our stock as we believe we satisfy their eligibility requirements,” Eric Semler, chairman of Semler Scientific, noted.
The ongoing Bitcoin acquisition has played a major role in the impressive growth of the SMLR stock market in the last few months.
According to the latest market data, SMLR stock rallied over 149 percent in the past three months to trade at about $59 on Thursday, December 5, during the mid-New York session. The $525 million company has been following in the footsteps of MicroStrategy Inc. (NASDAQ: MSTR), which has acquired more than 402k Bitcoins to date.
Impact on the Bitcoin Ecosystem
The mainstream adoption of Bitcoin by institutional investors has played a crucial role in the ongoing bullish outlook. For the first time in Bitcoin’s history, the Open Interest (OI) surged above $66 billion, which coincided with the recent BTC price rally beyond $100k.
With more than $114 billion flowing into the crypto market over the past few days, the confidence in the web3 space will continue to grow. Moreover, BlackRock’s IBIT has been purchasing Bitcoins worth more than $50 million on a daily basis in the past few weeks, thus pushing the US spot BTC ETF holdings to over 1 million units.
The Bitcoin industry is expected to continue growing in the coming years as nation-states prepare to enact strategic BTC reserves to counter their respective ballooning debts. Moreover, Fed Chair Jerome Powell believes that Bitcoin is digital gold.
As the Bitcoin whales continue to accumulate more coins, the overall supply on centralized exchanges declined by more than 135k in the past 30 days to about 2.26 million at the time of this report.
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