Semler Scientific Shares Rise on Embrace of Bitcoin Treasury Strategy
- Medical device maker purchased around $40 million of Bitcoin
- Shares of Semler jump as much as 36% after announcement
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Medical device maker Semler Scientific Inc. said it has adopted Bitcoin as its primary treasury reserve asset, becoming one of the few public companies to follow the controversial approach pioneered by MicroStrategy Inc.
Shares of the San Jose, California-based firm jumped as much 36% to $31.61, raising its market value to around $220 million. Prior to Tuesday’s rally, the stock had slumped almost 50% so far this year. In a statement, Semler Scientific said it purchased 581 Bitcoin for an aggregate amount of $40 million, inclusive of fees and expenses.