Health technology company Semler Scientific has expanded its Bitcoin portfolio. He purchased an additional 47 BTC for $3 million. The acquisition brings the the company total holdings to 1,058 BTC as part of its continued Bitcoin accumulation strategy.
In a announcement on November 4, 2024, on the occasion of the publication of its third quarter results, Semler underlined its commitment to both Bitcoin and its healthcare business.
“WWe remain focused on acquiring and holding Bitcoin while supporting the innovation and growth of our healthcare business,» said CEO Doug Murphy-Chutorian.
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Semler Stocks see slight rise in after-hours trading
On the stock market, Semler Shares closed down 2.3% at $29.97 on Monday. However, they saw a 3.4% increase in after-hours trading. Over the past month, the stock is up 18.1%, but it remains down 32.1% for the year, according to Google Finance.
The company has positioned Bitcoin as its primary treasury asset. He purchased 141 BTC for $8.4 million in the third quarter alone. Semler The strategy mirrors that of MicroStrategy, which holds 252,220 BTC, making it the the biggest public company holding Bitcoin.
“WWe are taking advantage of the opportunity to maximize stakeholder value by accumulating Bitcoin,» Eric Semler, THE the company president, said.
He added that Semler plans to continue purchasing Bitcoin using operational cash flow and proceeds from its go-to-market (ATM) program, which took effect on August 13, 2024 and allows sales until $50 million in common stock.
I really enjoyed this discussion, including the topic of what Hal Finney predicted over a decade ago.
Adrian interviewed Eric Semler, current President of Semler Scientific and we discuss the current landscape of the company.
Adrian and I also covered his #Bitcoin travel, the… pic.twitter.com/ASgsul6Hh3
-Tim Kotzman (@TimKotzman) November 4, 2024
As of September 30, 2024, Semler had sold 86,734 shares under this deal for $2.5 million.
In its latest earnings report, Semler Scientific reported net profit of $5.6 million for the third quarter, up slightly from $5.5 million in the same period last year.rwhilee revenue fell 17% year over year to $13.5 million.
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Michigan Pension Fund Expands Crypto Investments
In addition, the Michigan State Retirement System is diversifying its cryptocurrency holdings after initialYes entering the market earlier this year. It manages pension fund assets totaling $13.6 billion,
In a recent disclosure to the Securities and Exchange Commission (SEC), the fund announced its acquisition of $10 million in shares from Grayscale Ethereum Trust (ETHE). This marks a significant change in its crypto strategy.
Interestingly, the Michigan fund now holds more Ethereum than Bitcoin, despite Bitcoin receiving regulatory approval from the SEC much earlier. Alongside Ethereum Trust shares, the fund Alsoo invested an additional $1.1 million in Grayscale Ethereum mini-trust.
Diversification into Ethereum ETFs means funds commitment to exploring a wider range of digital asset investments, boosting crypto enthusiasts’ confidence regarding the asset the class integration into traditional financial systems.
Notably, the Michigan Retirement System is the first state pension fund in the United States to invest in Ethereum ETFs, reflecting an important step toward legitimizing cryptocurrencies in institutional finance.
This follows the funds previous investment in July, when he purchased $6.6 million worth of ARK 21Shares Bitcoin ETF after the DRY regulatory approval of these investment vehicles in January.
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