Semler Scientific, Inc. announced updates on its bitcoin (BTC) holdings and capital markets activities, highlighting its evolving strategy in cryptocurrency and equity offerings.
Semler Scientific Reports 58.4% Bitcoin Yield as Key Performance Indicator
Between Nov. 18 and Nov. 22, Semler Scientific (Nasdaq: SMLR) purchased 297 bitcoins for $29.1 million, averaging $97,995 per bitcoin, including fees. This acquisition brought its total bitcoin holdings to 1,570 BTC, acquired for approximately $117.8 million at an average cost of $75,039 per bitcoin.
The company reports a 58.4% bitcoin yield as a key performance indicator (KPI), measuring the ratio change between bitcoin holdings and diluted shares outstanding. Semler disclosed it also expanded its at-the-market (ATM) offering program.
Following the initial $50 million in proceeds under the program, the company has authorized an additional $50 million of common stock sales under its Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. As of Nov. 22, 2024, total proceeds from the ATM stand at $50 million.
The company said its bitcoin yield metric reflects its strategy of using equity capital to acquire bitcoin, although Semler acknowledges the limitations of this measure. It further detailed it is not an operating performance or financial return metric but serves as an internal assessment tool. The company noted that the market value of its shares does not directly correspond to the value of its bitcoin holdings.
While bitcoin remains a central focus, Semler highlights investor reliance on its official financial disclosures for a comprehensive understanding of its strategy. The bitcoin yield, according to the company, is intended for sophisticated investors and is presented with caveats about its narrow application and potential for overstatement.
Semler’s activities mark a significant step in its adoption of bitcoin as part of its treasury strategy while leveraging equity markets to fund these acquisitions. The news follows Microstrategy purchasing more bitcoin on Monday bringing its stash up to 386,700 BTC. At 10 a.m. Eastern Time on Monday, Semler’s shares dipped by a percentage point.
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