Semler Scientific Buys $50M Worth of Bitcoin Between May 13 and May 22

Semler Scientific, a medical device company, purchased of $50 million worth of Bitcoin between May 13 and May 22

Semler Scientific, a medical device company, has purchased $50 million worth of Bitcoin between May 13 and May 22, according to a recent SEC filing.

The new purchases add to the company’s previous holdings, bringing the market value of Semler’s Bitcoin (BTC) holdings to $474.4 million, keeping it within the top 13 of BTC Treasury companies.

According to a May 23 disclosure, Semler bought a total of 455 BTC for an average purchase price of $109,801. To buy the Bitcoin, Semler Scientific (NASDAQ:SCIX) used proceeds from an at-the-market stock offering program.

So far, the company has sold roughly 3 million shares of common stock for net proceeds of $115 million.

Semler Scientific’s shares fell 1.36% on the same day as the disclosure, though the decrease in its share price is largely in line with the Nasdaq’s performance. That index, which follows top tech stocks, is down 1% on the day.

The company’s shares have dropped 18% in 2025, according to Google Finance. In its Q1 2025 earnings report released on May 13, Semler announced a 44% drop in revenue year-over-year.

Despite the company stating the success of its Bitcoin treasury plan, it appears to be having the opposite effect. Since May 12, when Semler began disclosing its intent to build a Bitcoin treasury, its shares have dropped 53%, while Bitcoin is up 181.6% year to date.

Earlier this year, Semler Scientific announced that it planned to allocate a portion of the net proceeds from its at-the-market offering to purchase Bitcoin as part of a long-term treasury strategy.

Investors have been following treasury companies closely for their unique approach to navigating the cryptocurrency market. While traditional companies typically sell equity or issue debt to fund operations or acquisitions, these companies are pivoting their capital structure to build a Bitcoin treasury.

Michael Saylor's Strategy debuted its BTC reserve in August 2020, when it began purchasing Bitcoin. As of August 2024, the company's Bitcoin treasury is valued at approximately $266 million.

In March, a report by blockchain analytics firm Glassnode revealed that BTC treasury companies had sold a significant portion of their Bitcoin holdings during the first quarter of 2025. Among these companies, Semler Scientific had sold the most BTC, having sold 300 coins during the period.