In a bold move that further blurs the line between traditional finance and digital assets, healthcare technology company Semler Scientific (Nasdaq: SMLR) has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to raise up to $500 million—primarily to buy more bitcoin.
According to Tuesday’s S-3 filing, Semler plans to offer a range of securities, including debt, common stock, and warrants. The proceeds are earmarked for general corporate purposes, which notably include expanding its bitcoin treasury, along with capital expenditures, research, and administrative costs.
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Semler has made no secret of its enthusiasm for the world’s largest cryptocurrency. Since embracing bitcoin as a strategic asset in May 2024, the company has amassed 3,192 BTC—currently valued at around $266 million. Despite an average purchase price of $87,854 per bitcoin, recent market fluctuations leave Semler sitting on an unrealized loss of roughly $14 million. Still, the company remains undeterred.
“We view our bitcoin holdings as long-term and expect to continue accumulating,” the filing stated, highlighting Semler’s commitment to its crypto-forward approach.
The announcement comes at a pivotal time for the company. On the same day, Semler disclosed an agreement-in-principle with the U.S. Department of Justice (DOJ) to resolve allegations under the False Claims Act. The proposed $29.75 million settlement stems from a 2017 civil investigative demand regarding marketing practices for its photoplethysmography devices.
Founder and chairman Eric Semler took to X (formerly Twitter), writing, “We have reached a settlement in principle, excited to buy more BTC!” The company noted that final terms with the DOJ are still pending.
In a further crypto twist, Semler also revealed a master loan agreement with Coinbase, allowing it to borrow against its bitcoin holdings. Should the DOJ deal finalize, Semler plans to leverage this agreement—alongside cash reserves—to fund the settlement.
With its twin focus on bitcoin and resolving regulatory overhang, Semler Scientific is clearly betting that innovation—and a little risk—could pave the way for long-term reward.
