Semler Scientific (SEML) Is Going Full Steam Ahead With Its Bitcoin Strategy

Semler Scientific, a healthcare tech company, is going full steam ahead with its Bitcoin strategy. The company has filed a new S-3 registration with the SEC,

Semler Scientific (NYSE:SEML) is heating things up with its Bitcoin plans. The company just filed a new S-3 registration with the SEC, opening the door for a capital raise of up to $500 million.

This offering could see a mix of common stock, debt securities, and warrants issued to fund the company's general and administrative expenses. But wait, there’s more. A portion of the funds will also go towards an activity that has investors buzzing: purchasing more Bitcoin (BTC).

Semler Scientific files with the SEC to raise $500 Million to buy more BitcoinThe company currently holds 3,192 BTC acquired for total cost of ~$280.4 Million

The company, already a major Bitcoin holder with 3,192 BTC on the books, has been on a roll adding to its crypto stash. Earlier this year, Semler disclosed that it had upped its Bitcoin holdings with a fresh purchase of 871 BTC for $88.5 million.

The new filing signals that Semler is planning to continue expanding its Bitcoin treasury.

"We have now reached a settlement in principle with the government in the matter pending in the District of Columbia, and we are EXICTED TO BUY MORE BTC!" the company said in a statement.

Semler, known for its medical technology and products, has been making headlines for its bold moves in cryptocurrency. Earlier this year, it unveiled plans to sell a portion of its Bitcoin holdings to fund a settlement with the Department of Justice.

The DOJ is investigating Semler over allegations that the company engaged in deceptive practices in marketing its QuantaFlo Evacuation System, a device used to treat patients with hydrocephalus, a condition that causes fluid to build up in the brain.

To pay off the tentative $29.75 million settlement, Semler disclosed that it will be borrowing funds from Coinbase (NASDAQ:COIN) and putting its Bitcoin holdings up as collateral. Additionally, the company plans to utilize its existing cash reserves to contribute a portion of the total settlement amount.

Despite the company's enthusiasm for Bitcoin, its stock has seen a significant downturn in 2024, with shares declining by 37%.