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Semler Scientific (NASDAQ:SMLR) witnessed a remarkable 25% increase in its stock price during early U.S. trading hours on Tuesday following its announcement of purchasing 581 bitcoins for its treasury.
Before the surge, the company boasted a market capitalization of under $200 million. In its most recent earnings statement, Semler revealed holding cash and cash equivalents amounting to $62.9 million at the end of the first quarter. The company reported first-quarter revenue of $15.9 million, with operating cash flow standing at $6.1 million.
According to a press release issued this morning, Semler acquired 581 bitcoins for $40 million, implying an average price of approximately $68,850 per token.
Eric Semler, the company’s Chairman, highlighted Bitcoin’s emergence as a significant asset class, boasting a market value exceeding $1 trillion. He emphasized Bitcoin’s unique attributes as a scarce and finite asset, capable of serving as a viable hedge against inflation and a haven amidst global uncertainty. Additionally, Semler expressed a preference for Bitcoin over gold, citing Bitcoin’s digital resilience compared to the traditional precious metal.
Despite today’s impressive gain, Semler’s stock remains just 2% lower on a year-over-year basis.
Featured Image: Freepik
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