Semler Scientific Plans $75 Million Convertible Note Offering, Reports $28.9 Million Unrealized Gain from Bitcoin Investments

Healthcare technology firm Semler Scientific plans to raise $75 million through a private offering of convertible senior notes due in 2030

Healthcare technology firm Semler Scientific (NASDAQ:SMLR) plans to raise $75 million through a private offering of convertible senior notes due in 2030, the company announced in a January 23rd press release.

The funds will be used for general corporate purposes, including increasing its Bitcoin holdings.

Semler Scientific announces record 4th quarter 2024 financial results, driven by Bitcoin gains

On the same day, Semler also reported preliminary fourth-quarter 2024 financial results, revealing an unrealized gain of $28.9 million from its Bitcoin investments.

Semler recently added 237 Bitcoin on January 13th, bringing its total holdings to 2,321 Bitcoin, valued at approximately $241 million with Bitcoin trading at $105,000.

Semler began purchasing Bitcoin in May 2024, joining other companies adopting Bitcoin as a treasury strategy. Its initial purchase of 581 Bitcoin in May resulted in a 30% rise in the company’s stock price.

Semler’s CEO, Doug Murphy-Chutorian, highlighted the company’s enthusiasm for Bitcoin, stating, “We are excited to continue executing on our Bitcoin treasury strategy.”

Semler's Q4 2024 financial projections anticipate revenue ranging from $12.1 million to $12.5 million, with operating income expected to be between $3.4 million and $3.7 million.

Semler is among a growing number of companies using Bitcoin as a treasury asset.

MicroStrategy leads the space with 461,000 Bitcoin valued at $48 billion. Currently, Semler ranks as the 13th-largest public company by Bitcoin holdings.