tl;dr
Semler Scientific, a healthcare-focused technology firm, has increased its Bitcoin holdings with a $5 million purchase, bringing the total to over 1,000 BTC. The acquisition, funded from operational cash and equity program proceeds, reflects the firm's confidence in Bitcoin amid growing institutiona...
Semler Scientific, a healthcare-focused technology firm, has increased its Bitcoin holdings with a $5 million purchase, bringing the total to over 1,000 BTC. The acquisition, funded from operational cash and equity program proceeds, reflects the firm's confidence in Bitcoin amid growing institutional interest. The chairman highlighted institutional adoption and the potential for Bitcoin prices to rise, aligning with a broader trend of institutional investors entering the crypto space.
Despite a 1.22% price decrease, trading volume increased, indicating renewed trader confidence. The healthcare-focused technology firm, Semler Scientific has added more Bitcoin to its portfolio amid growing institutional interest in the flagship crypto.
The latest acquisition, as reported in a Semler Scientific press release, reflects the firm’s commitment to Bitcoin. According to a recent press release, the Nasdaq-listed tech firm has purchased another 83 BTC, worth $5 million. Notably, this latest purchase increased the company’s total BTC holdings to 1,012 coins, which was acquired at a total of $68 million. The purchase was primarily funded from the cash generated from operations, along with proceeds from the firm’s at-the-market equity program. Semler Scientific Chairman Eric Semler highlighted the growing institutional adoption of Bitcoin. He said that the growing interest from the institutions aids the firm in expanding its holdings. The Chairman also spotlights a crucial milestone that the institutions now hold over 20% of Bitcoin ETF, which showcases the increasing acceptance of BTC as a legitimate asset. He believes that this trend will drive Bitcoin prices higher while creating value for Semler Scientific’s stockholders.
Semler Scientific has previously announced plans in July to further increase its Bitcoin reserves through stock sales. Notably, this strategy aligns with the broader trend of institutional investors flocking to the crypto, which is seen as a hedge against economic instability and a potential store of value. Meanwhile, Semler Scientific’s decision to invest heavily in crypto comes at a time when it is gaining traction among traditional financial institutions. With major players like BlackRock, Fidelity, MicroStrategy, and others, entering the space, global investors are shifting their focus towards the crypto. In addition, the firm’s bold move reflects a broader shift in the corporate world, where companies are increasingly viewing Bitcoin as a strategic asset. By bolstering its Bitcoin holdings, Semler Scientific is positioning itself to benefit from the anticipated long-term growth in Bitcoin’s value, driven by rising demand and limited supply. However, despite the positive news, BTC price was down 1.22% to $63,403 while its trading volume soared 18% to $22.74 billion. Over the last 24 hours, the crypto has touched a high of $64,996.42, indicating the regaining confidence of the traders.
More about Rush Street Interactive Inc
Rush Street Interactive Inc., headquartered in Chicago, Illinois, operates as an online casino and sports betting company in the United States and Latin America. The company falls under the category of Services-Miscellaneous Amusement & Recreation within the trade and services sector. As of the latest data, the company's market capitalization stands at 2113047000 with a P/E ratio of -0.09 and EPS of -0.0084. The company's shares outstanding amount to 801545000 with a current price of 10.78. Additionally, the stock has a 52-week high of 13.03 and a 52-week low of 0.888.