Semler Scientific Adds 871 Bitcoin as MicroStrategy Halts Purchases

TLDR

• Semler Scientific purchased 871 Bitcoin between January 11 and February 3, 2025, spending $88.5 million at an average price of $101,616 per BTC, bringing their total holdings to 3,192 BTC
• The medical technology company’s Bitcoin investment has yielded a 152% return since July 2024, with their total BTC investment now representing over half of their $484.2 million market cap
• Semler funded its recent Bitcoin purchases through convertible bond issuance and partial divestment from Monarch Medical Technologies
• MicroStrategy, the largest corporate Bitcoin holder, has paused its Bitcoin purchases after 12 weeks of consistent buying, currently holding 471,107 BTC worth around $47 billion
• MicroStrategy’s most recent purchases were made at higher prices, resulting in a $135 million paper loss on those acquisitions

In a notable shift in corporate Bitcoin strategy, medical technology company Semler Scientific has substantially increased its cryptocurrency holdings while industry leader MicroStrategy has temporarily halted its purchasing program. The contrasting moves come as Bitcoin prices hover near the $100,000 mark in early February 2025.

Semler Scientific has acquired an additional 871 Bitcoin between January 11 and February 3, 2025, investing $88.5 million at an average price of $101,616 per BTC. This latest purchase brings the company’s total Bitcoin holdings to 3,192 BTC, acquired at an average price of $87,854 per coin.

The medical technology firm funded its recent cryptocurrency purchases through a combination of convertible bond issuance and a partial sale of its stake in Monarch Medical Technologies. On January 23, 2025, Semler announced plans to raise $75 million through private offering of convertible senior notes to support its Bitcoin strategy.

Since beginning its Bitcoin investment program in July 2024, Semler has achieved a 152% return on its holdings. The company’s total Bitcoin investment of $280.4 million now represents more than half of its $484.2 million market capitalization, positioning Semler as one of the most Bitcoin-heavy public companies.

Eric Semler, chairman of Semler Scientific, expressed enthusiasm about the company’s cryptocurrency strategy, stating, “We are thrilled with the progress we are making in growing our Bitcoin stockpile.” The chairman also noted the company’s satisfaction with monetizing part of its investment in Monarch Medical to acquire more Bitcoin.

Last week, MicroStrategy did not sell any shares of class A common stock under its at-the-market equity offering program, and did not purchase any bitcoin. As of 2/2/2025, we hodl 471,107 $BTC acquired for ~$30.4 billion at ~$64,511 per bitcoin. $MSTR https://t.co/QTBWl8KlNv

— Michael Saylor (@saylor) February 3, 2025

The company’s CEO, Doug Murphy-Chutorian, had previously stated in November that the firm remained “laser-focused” on acquiring and holding Bitcoin. This commitment has elevated Semler to become the tenth-largest corporate holder of Bitcoin, according to Bitcoin Treasuries.

In contrast to Semler’s expansion, MicroStrategy, the world’s largest corporate Bitcoin holder, has suspended its purchasing program after twelve weeks of continuous accumulation. The company’s co-founder Michael Saylor announced the pause on February 3, 2025, though no specific reason was provided for the decision.

MicroStrategy’s current Bitcoin holdings stand at 471,107 BTC, acquired at an average price of $64,524 per BTC, representing a total investment of $30.39 billion. At current market prices, the company’s Bitcoin stake is valued at approximately $47 billion, resulting in unrealized gains of $16.5 billion.

However, MicroStrategy’s most recent Bitcoin purchases were made at higher prices, leading to a paper loss of $135 million on these latest acquisitions. The company had been funding its Bitcoin purchases through convertible debt and share sales.

The timing of MicroStrategy’s pause has sparked interest among market observers, as it coincides with Bitcoin prices approaching $100,000. Questions have emerged about whether the company is exercising caution at current price levels, waiting for more favorable entry points, or responding to challenges in its stock sale results.

Semler’s Bitcoin investment has shown strong returns so far, with a 22% yield in 2025 alone. The company’s total investment of $280 million in Bitcoin is currently valued at approximately $313 million at market prices, demonstrating the volatile nature of cryptocurrency investments.

The medical technology company’s increased Bitcoin holdings were partially funded through a senior convertible notes offering, indicating continued institutional interest in cryptocurrency investment vehicles. The company’s strategy aligns with a broader trend of corporations diversifying their treasury holdings to include digital assets.

Market observers are watching both companies’ strategies closely, as their decisions may influence other corporations considering Bitcoin investments. MicroStrategy’s pause, in particular, represents a notable shift after months of consistent purchasing activity.

The contrasting approaches of these two companies highlight the different strategies corporations are employing in their Bitcoin investment programs. While Semler Scientific continues to accumulate Bitcoin at current price levels, MicroStrategy has chosen to maintain its existing position without further expansion.

Both companies’ Bitcoin holdings now represent major portions of their corporate treasuries, with Semler’s Bitcoin assets accounting for more than half of its market capitalization. This level of cryptocurrency exposure places both firms among the most Bitcoin-focused public companies in the market.

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