Semler Scientific (Nasdaq: SMLR), a healthcare technology company, has announced its intention to significantly expand its Bitcoin holdings, filing with the U.S. Securities and Exchange Commission (SEC) to offer up to $500 million in securities.

According to a Tuesday filing, Semler plans to utilize a loan from cryptocurrency exchange Coinbase, secured by its existing Bitcoin reserves, to fund the DOJ settlement. As of the filing, Semler held 3,192 Bitcoin, valued at approximately $267 million. This strategy allows the company to resolve the legal matter without significantly impacting its cash reserves.

However, Semler’s ambitions extend beyond settling its legal obligations. The company’s SEC filing for a $500 million securities offering signals a clear intent to aggressively increase its Bitcoin holdings. While the filing outlines various potential corporate uses for the raised funds, the primary driver appears to be an expansion of its cryptocurrency treasury strategy.

This move aligns Semler with other publicly traded companies like Strategy (formerly MicroStrategy) and Metaplanet, which have also adopted Bitcoin as a significant part of their treasury reserves. Strategy recently announced an acquisition of an additional 3,459 Bitcoin, further solidifying its position as the leading corporate holder. Similarly, Metaplanet has continued its Bitcoin accumulation strategy, adding another 319 BTC this week to become the 10th largest corporate holder, demonstrating a sustained bullish sentiment among these firms despite market volatility.

Semler’s foray into Bitcoin as a treasury asset began in mid-2024. As of February 3, 2025, the company reported holding 3,192 BTC acquired for an aggregate of $280.4 million, with an average purchase price of $87,854 per Bitcoin. The company even introduced “BTC Yield” as a key performance indicator, reporting a year-to-date yield of 152.2% since July 1, 2024, highlighting the perceived profitability of its Bitcoin strategy.

Eric Semler, chairman of Semler Scientific, stated in February, “We are thrilled with the progress we are making in growing our bitcoin stockpile… We were especially pleased with our successful convertible notes offering, which was substantially oversubscribed with investor demand.”

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