tl;dr
Semler Scientific (SMLR) purchased 581 bitcoins (BTC) for $40 million, causing its stock price to rise by 25% in early U.S. trading hours. The company, with a market cap of less than $200 million before the price increase, had cash and cash equivalents of $62.9 million at the end of the first quarte...
Semler Scientific (SMLR) purchased 581 bitcoins (BTC) for $40 million, causing its stock price to rise by 25% in early U.S. trading hours. The company, with a market cap of less than $200 million before the price increase, had cash and cash equivalents of $62.9 million at the end of the first quarter, along with first quarter revenue of $15.9 million and operating cash flow of $6.1 million. The average price of the bitcoins was about $68,850 per token. Semler's chairman, Eric Semler, stated that the company sees bitcoin as a major asset class with unique characteristics, serving as an inflation hedge and safe haven amid global instability. The company believes that bitcoin's digital, architectural resilience makes it preferable to gold. Today's 25% gain has brought the stock to just a 2% decline on a year-over-year basis.
Semler Scientific (SMLR) disclosed the purchase of 581 bitcoins (BTC) for its treasury, sending its stock price higher by 25% in early U.S. trading hours. The sub-$200 million market cap (prior to this morning's price rise) company held cash and cash equivalents of $62.9 million as of the end of the first quarter, according to its most recent earnings statement. It had first quarter revenue of $15.9 million and operating cash flow of $6.1 million.
According to this morning's press release, Semler purchased 581 bitcoins for $40 million, suggesting an average price of about $68,850 per token. "Bitcoin is now a major asset class with more than $1 trillion of market value," said company Chairman Eric Semler. "We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability."
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More about Semler Scientific Inc
Semler Scientific Inc Summary Semler Scientific Inc Summary
Semler Scientific, Inc. develops, manufactures, and markets proprietary products that help healthcare providers evaluate and treat patients with chronic conditions in the United States. The company is headquartered in Santa Clara, California.
Industry
Life Sciences
Sector
Electromedical & Electrotherapeutic Apparatus
Market Cap
$164,775,000
Price/Earnings Ratio
8.39
Dividend Yield
None
Beta
2.78
52-Week High
$9.72
52-Week Low
$2.78
Price to Sales Ratio
0.329
Volume
65,881,000
Revenue
$40
Return on Assets
0.238
Return on Equity
-0.127