Medical Tech Company Wants to Raise More Cash to Buy Bitcoin

Medical tech company Semler Scientific intends to purchase more Bitcoin, according to Chairman Eric Selmer.  

The publicly traded company is currently exploring additional options that would allow it to secure more cash for buying Bitcoin. 

Selmer has praised the "wisdom and benefits" of implementing a MicroStrategy-like debt-for-Bitcoin strategy.   

As reported by U.Today, the firm announced its decision to buy the largest cryptocurrency back in May. Back then, Selmer stated that he viewed Bitcoin as a hedge against inflation. Taking a page out of the playbook of business intelligence firm MicroStrategy resulted in a massive short-term spike in its stock. 

Its total Bitcoin holdings have now surpassed $1 million worth of Bitcoin. This makes it one of the largest holders of the leading cryptocurrency among noncrypto public companies. This, of course, does not say much since corporate Bitcoin adoption is still in its early innings. 

Despite its Bitcoin pivot, the company's shares have greatly underperformed this year. They are currently down as much as 32% on the year-to-date basis. 

In other news, Metaplanet, a Japanese company that has also adopted a MicroStrategy-like Bitcoin strategy, recently made an appearance on CoinShares' BLOCK index. 

MicroStrategy remains the overwhelming leader in corporate Bitcoin holdings, with a whopping $17.3 billion worth of Bitcoin. The Virgiania-based company does not plan to stop here, recently announcing a plan to raise $42 billion more in the long term to expand its cryptocurrency coffers.