Semler Scientific has announced the appointment of Joe Burnett as Director of Bitcoin Strategy, pairing the hire with a formal long-term Bitcoin accumulation plan. The U.S. healthcare technology company, identified as the second publicly traded company in the United States to adopt Bitcoin as its primary treasury reserve asset, said it intends to hold 10,000 BTC by the end of 2025, 42,000 BTC by 2026, and 105,000 BTC by 2027.
The move signals that Semler is not treating Bitcoin as a short-term speculative trade. Instead, the company is framing BTC as a strategic reserve asset at the corporate treasury level. That distinction matters because it places Bitcoin inside the firm’s capital allocation framework, rather than in a separate bucket for opportunistic investments.
The announcement also came alongside continued buying activity. Semler disclosed that it acquired 185 BTC between May 23 and June 3 for approximately $20 million. After that purchase, the company’s total Bitcoin holdings rose to 4,449 BTC, which it said were worth about $446.2 million at current market prices.
Why Semler is expanding its Bitcoin treasury
Chairman Eric Semler said the company was excited to bring Burnett into its Bitcoin strategy team and to advance its three-year plan to own 105,000 Bitcoins. He described Burnett as an analytical thought leader in both Bitcoin and Bitcoin treasury companies, suggesting that Semler sees his expertise as useful not only for market analysis, but also for evaluating how public companies can structure and communicate treasury strategies around Bitcoin.
Eric Semler also tied the strategy directly to shareholder value. In the company’s framing, Bitcoin accumulation is meant to support long-term returns for stockholders, not merely to generate headline attention. That is an important signal for investors because it suggests management wants the treasury strategy to be judged on capital efficiency and long-duration balance sheet positioning.
Joe Burnett’s background and expected role
Burnett brings a background that spans research, institutional Bitcoin adoption, custody, and mining infrastructure. Before joining Semler, he served as former director of market research at Unchained, where he contributed to institutional Bitcoin adoption by helping develop collaborative custody solutions. That experience is relevant for a company building a larger BTC treasury, because secure custody and institutional-grade operational practices become more important as holdings grow.
Earlier in his career, Burnett was head analyst at Blockware Solutions. In that role, he helped launch one of the largest Bitcoin mining platforms in the United States. Taken together, those positions suggest he understands Bitcoin not only from a macro and monetary perspective, but also from the operational side of the ecosystem, including custody and mining-related infrastructure.
Burnett’s own statement underscored his broader market view. He said the world is witnessing the global monetization of Bitcoin as a superior form of money, and that the trend of adopting Bitcoin as part of corporate treasury strategy is clearly accelerating. He added that Semler, as the second U.S. public company to adopt the Bitcoin Standard, has been at the forefront of that movement.
Current holdings, purchase cost, and performance metrics
Semler also highlighted the internal metrics it uses to present the results of its Bitcoin strategy. Since adopting its Bitcoin Standard in May 2024, the company said it has achieved approximately 287% BTC Yield and $177 million in BTC $ Gain through June 3, 2025. In addition, it reported a year-to-date BTC Yield of 26.7%.
On an acquisition basis, Semler said it has purchased its 4,449 BTC for a total of $410.0 million, which works out to an average purchase price of $92,158 per Bitcoin. Compared with the stated current valuation of about $446.2 million, the position appears to be in unrealized profit at the time of the announcement. That difference helps explain why the company is comfortable continuing to present Bitcoin as a successful treasury asset so far.
These figures are especially important for public market observers because they show how Semler wants investors to evaluate progress. Rather than focusing only on the raw BTC balance, the company is also emphasizing yield-style treasury metrics and dollar-denominated gains, creating a performance narrative around accumulation.
How Semler plans to fund purchases through 2027
Semler said its Bitcoin strategy will be financed through a mix of equity financings, debt financings, and operational cash flows. This means the company is not relying solely on business-generated cash to expand its Bitcoin position. Instead, it is combining internal cash generation with external capital markets activity to accelerate treasury growth.
Since launching its market offering program in April 2025, the company said it has raised about $136.2 million through stock sales. That amount provides a concrete example of how the financing side of the strategy is already being executed. If the firm continues to access equity markets while also using debt and operating cash flow, it may be able to scale toward its stated BTC targets more aggressively than it could through operations alone.
Semler summarized the approach by saying it will continue to accretively grow its Bitcoin arsenal using operating cash flow and proceeds from debt and equity financings. In practical terms, the company is trying to institutionalize Bitcoin accumulation as a repeatable corporate process: raise capital, convert a portion of that capital into BTC, and build a larger treasury position over time. If the roadmap is carried through as announced, Semler could become a much more prominent corporate Bitcoin holder by 2027.