Semler Scientific, the beforehand obscure medical gadget maker, has unveiled plans to amass a staggering 105,000 BTC by the tip of 2027. Its ambition would make Semler the second-largest company Bitcoin holder on this planet, behind solely Technique (previously MicroStrategy).
The announcement, made on June 20, despatched Semler’s shares hovering practically 12% in pre-market buying and selling, amid investor enthusiasm for the corporate’s aggressive Bitcoin treasury technique. At present costs, the 105,000 BTC aim represents over $11 billion, an eye-popping determine for an organization that posted lower than $60 million in income final yr.
From medical units to macro bets
Semler Scientific constructed its enterprise round diagnostic instruments like ankle-brachial index testing for peripheral artery illness. However since Could 2024, when the corporate adopted Bitcoin as its major treasury reserve asset, its profile has shifted dramatically.
The agency’s first buy for $40 million marked the beginning of a monetary transformation. By April, Semler held 3,467 BTC acquired at a mean value of $88,263. It has since added one other 982 BTC, bringing its complete to 4,449 BTC, value roughly $471 million.
The roadmap ahead is much more bold. Semler targets 10,000 BTC by the tip of 2025, 42,000 by the tip of 2026, and the complete 105,000 by December 2027. Attaining that might require it to amass over 100,000 BTC in below three years, a fee of accumulation unmatched by some other public firm save MicroStrategy.
Constructing a Bitcoin powerhouse
To execute this plan, Semler is drawing from the Technique playbook. The corporate is funding its purchases by way of a mixture of at-the-market (ATM) share gross sales, senior convertible notes, and working money movement. It raised $88.5 million by way of convertible debt in early 2025 and continues to faucet capital markets to finance extra buys.
On June 19, Semler employed Bitcoin analyst Joe Burnett as Director of Bitcoin Technique, a task that didn’t exist previous to the corporate’s pivot. Burnett brings a vocal Bitcoin-maximalist stance and said the aim bluntly: “It’s time to construct probably the most invaluable firms on this planet.”
Eric Semler, the corporate’s chairman and namesake, added, “We’re excited to have Joe be part of our Bitcoin technique crew and assist drive our three-year plan to personal 105,000 Bitcoins.”
Past Hype: Questions of Scale and Threat
Whereas Semler’s BTC wager has captured headlines, it additionally invitations scrutiny. The dimensions of accumulation, equal to roughly 0.5% of Bitcoin’s most provide, raises liquidity crunch questions on market depth and execution.
There are inner dangers too. Critics warn that focusing too closely on Bitcoin may distract from Semler’s core med-tech operations, the place R&D and regulatory compliance stay capital-intensive. Moreover, with the Monetary Accounting Requirements Board (FASB) now requiring fair-value accounting for digital property, the corporate’s earnings may swing wildly with BTC value volatility.
Regulatory optics add one other layer of complexity. As a healthcare participant serving Medicare and FDA-regulated markets, Semler’s pivot to a digital asset-heavy technique is unprecedented and will have drawn new scrutiny below earlier regulatory regimes. Nevertheless, given the present regulatory local weather within the US, it might be stunning to see any US firm discouraged from shopping for Bitcoin.
Technique comparisons and a brand new company development
Inevitably, observers have dubbed Semler “MicroStrategy junior.” Michael Saylor’s agency holds roughly 592,100 BTC and makes use of an analogous mixture of fairness issuance and debt to construct its conflict chest. However not like Technique, which stays a worthwhile software program enterprise, Semler is wagering a comparatively modest working base in opposition to a colossal monetary place.
That dichotomy may nonetheless work in Semler’s favor. If BTC appreciates and investor sentiment stays robust, Semler might journey a valuation wave that, like Technique, decouples from its underlying product gross sales.
The transfer additionally reinforces the broader narrative of Bitcoin’s rising function in company finance. Whereas tech corporations like Block and Tesla have dabbled in BTC holdings, Semler’s full-throttle dedication makes it a bellwether for a brand new wave of balance-sheet bulls, even outdoors the tech sector.
Semler’s pivot might but show visionary, or perilous. Its Bitcoin holdings already dwarf its core enterprise in worth, and the corporate is now on a path the place digital asset administration might outline its future greater than medical diagnostics.
With its $10 billion BTC goal, Semler is betting on Bitcoin, whereas additionally betting it may remake its identification solely akin to Technique.
Whether or not traders purchase into that story long-term stays the open query. However for now, Semler is aligning itself even nearer to Technique’s Bitcoin play, hoping it’s nonetheless early sufficient to the get together to see long-term outsized positive factors.
