Latest Acquisition: 167 Bitcoins at $97,093 Average Cost
Semler Scientific (NASDAQ: SMLR) used proceeds from its at-the-market (ATM) equity program to purchase 167 bitcoins for $16.2 million between April 30 and May 2, 2025. The average purchase price, inclusive of fees, was approximately $97,093 per bitcoin. This latest buy brings the company's total bitcoin holdings to 3,634 BTC, valued at $352.4 million as of May 2, 2025, against a total investment cost of $322.3 million. Chairman Eric Semler confirmed in a social media post that Semler is now the fourth-largest bitcoin treasury company among U.S. publicly traded firms.
Bitcoin Treasury Strategy and Performance Metric: 22.2% BTC Yield
Semler Scientific has adopted a key performance indicator called BTC Yield, which measures the change in the ratio between bitcoin holdings and assumed diluted shares outstanding. For the year to date, the company achieved a BTC Yield of 22.2%, indicating efficient use of equity capital to acquire the digital asset. Since launching its ATM equity offering on April 15, Semler has raised approximately $39.8 million by selling over 1.1 million shares. The strategy is part of a broader capital shift: the firm is diverting all available cash into bitcoin as a primary treasury reserve asset. Semler previously described the company as a 'zombie company' with stagnant growth; the Bitcoin pivot has revived its market narrative, with the stock price quadrupling at one point and currently staying around double its pre-announcement level.
Comparison with MicroStrategy and the U.S. Bitcoin Treasury Landscape
Semler's approach closely mirrors that of MicroStrategy (MSTR), which pioneered the corporate bitcoin treasury strategy in August 2020. MicroStrategy still leads with over 210,000 BTC. Semler’s 3,634 BTC places it fourth among U.S. public companies, behind MicroStrategy, Tesla (which has partially sold its holdings), and Coinbase (which holds bitcoin as part of its own treasury). Eric Semler noted, 'We were the second U.S. public company to adopt Bitcoin as a primary treasury reserve strategy.' He emphasized that SMLR stock fills a unique niche: 'Most investment funds can't buy ETFs. We're really their only way to get exposure to Bitcoin in the stock market.'
Corporate Transformation: From Zombie to Bitcoin Beacon
Semler Scientific, originally a medical diagnostics device company, had been struggling with stagnant growth for years. In mid-2024, the board approved a radical shift: converting most of its cash reserves into bitcoin and using equity offerings to accumulate more. The move transformed the company's balance sheet and market perception. Semler said, 'Our stock at one point had quadrupled. Now it's basically doubled… it was doing nothing for years.' He added that the accumulation mission is still early: 'We're early in accumulating Bitcoin, and we're gonna continue to do that.' The company's success has attracted attention from other healthcare firms; Enveric Biosciences also announced a bitcoin allocation in early 2025. Analysts suggest that metrics like BTC Yield may become standard benchmarks for evaluating capital efficiency in corporate treasury strategies involving digital assets.