Semler Scientific Incurs $41.8M in Unrealized Bitcoin Losses

Semler Scientific, a company specializing in medical products and services, recently filed a Form 8-K declaration with the US Securities and Exchange Commission (SEC) on Tuesday.

Semler Scientific, a company specializing in medical products and services, has recently filed a Form 8-K declaration with the US Securities and Exchange Commission (SEC). The document, which was submitted on Tuesday, sheds light on the company's significant holdings of Bitcoin (BTC) and the unrealized losses it incurred.

Between December 2024 and March 2025, Semler experienced $41.8 million in unrealized losses from its Bitcoin holdings. Despite that, the company confirmed that it's "laser-focused" on converting its wealth into the digital asset.

Semler disclosed to the regulator that it held 3,182 BTC as of March 31. This translated to $263.5 million at the time of its declaration.

The medical supplier did not indicate the exact time it acquired the digital assets and the actual value of its acquisition. However, its paper losses amounted to the aforementioned figures from December 31 last year to the end of March.

Bitcoin's US dollar price notably opened at $95K last December before climbing up to an all-time high (ATH) of $109K. It dropped to its lowest since the November bull market at $74K before recovering at around $83K by the end of the first quarter (Q1). This meant a roughly 32% volatility for BTC from its January peak to the March dip.

Nonetheless, Semler expects a positive revenue between $8.8 million and $8.9 million within Q1 2025. Meanwhile, the business estimated its operational loss to be $1.3 million to $1.5 million during the term.

In a separate filing with the SEC, Semler submitted a Form S-3 Registration Statement to announce its planned $500 million offering of securities. The company said it will use the net proceeds of the securities sale to purchase more Bitcoin, aligning with its treasury strategy, and to carry out its other corporate pursuits.

Semler acknowledged the risks associated with the digital asset. Still, it stood firm in its belief that Bitcoin is a "reliable store of value and a compelling investment" akin to gold.

"We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability," the company highlighted in the filing. "Bitcoin is often compared to gold, which has been viewed as a dependable store of value throughout history."

Last November, Semler CEO Doug Murphy-Chutorian and Chairman Eric Semler laid out their Bitcoin-centric game plan that emulates Strategy's (formerly Microstrategy) program.

"We remain laser-focused on acquiring and holding Bitcoin while supporting innovation and growth in our healthcare business," Murphy-Chutorian concluded.

"We plan to continue to purchase Bitcoin with cash from operations and with cash proceeds from our sales under our ATM program," added Semler in support of the CEO's comment. "In addition, we are exploring additional financing opportunities that will enable us to acquire even more Bitcoin."