Semler Scientific Eyes $500M Raise to Expand Bitcoin Holdings

Semler Scientific, a Nasdaq-listed healthcare tech firm, is doubling down on Bitcoin with plans to raise up to $500 million through a new securities offering, according to a recent SEC filing. The filing, a shelf registration statement, would allow the issuance of various securities including common stock, preferred stock, debt instruments, and warrants over time.

The Santa Clara-based company stated that proceeds will be used “primarily for general corporate purposes, including the acquisition of bitcoin,” though it did not disclose the amount of Bitcoin it intends to purchase next. Additional use of funds may include working capital, R&D, and potential investments in healthcare-aligned technologies.

Semler Scientific has been aggressively building its Bitcoin treasury since May 2024. It currently holds 3,192 BTC, acquired through multiple purchases including 871 BTC for $88.5 million earlier this year at an average price of $101,616. A prior acquisition in late 2024 added 303 BTC at an average price of $96,779. Despite Bitcoin's recent dip below $99,000, the company previously reported a 152% yield on its holdings.

Alongside its Bitcoin strategy, the company disclosed a tentative $29.75 million settlement with the U.S. Department of Justice over alleged marketing violations tied to its QuantaFlo product. To finance the payment, Semler plans to borrow from Coinbase, using both cash and Bitcoin-backed collateral.

Chairman Eric Semler has championed the firm’s pivot to crypto, labeling Bitcoin a “reliable store of value” and “hedge against inflation.” Once labeled a “zombie company,” Semler now ranks 12th globally among public firms with Bitcoin holdings, according to Bitcoin Treasuries. Despite the crypto gains, its stock (SMLR) is down 37% year-to-date, trading at $34.40.