Healthcare Meets Crypto: $500M Filing to Fund Bitcoin Buys
Semler Scientific is doubling down on its Bitcoin strategy, filing to raise up to $500 million via a shelf registration with the U.S. Securities and Exchange Commission (SEC). The offering—announced Tuesday—would allow the company to issue common stock, preferred stock, debt securities, warrants, and more over time. The healthcare company plans to use the proceeds for general corporate purposes, including adding more Bitcoin to its treasury. While the exact amount earmarked for BTC wasn't disclosed, the move reinforces the firm’s commitment to crypto as a core financial pillar.
Semler describes Bitcoin as a "reliable store of value" and a "reasonable inflation hedge" due to its scarcity and finite supply, according to the filing.
DOJ Settlement Looms Over the Deal
At the same time, Semler revealed a tentative $29.75 million settlement with the U.S. Department of Justice (DOJ) over alleged anti-fraud law violations related to its QuantaFlo product marketing. To cover the payout, the company plans to borrow from Coinbase, tapping into its Bitcoin holdings as collateral. Semler will also use its existing cash reserves alongside the Coinbase loan.
The DOJ has not yet commented on the agreement, which marks one of Semler’s most significant legal resolutions to date. Interestingly, talks with the DOJ began just four days after Semler added $88 million in BTC to its treasury back in February.
From “Zombie Stock” to Bitcoin Bull
Since launching its Bitcoin treasury strategy in May 2024, Semler has radically reshaped its financial profile. Before embracing crypto, the company was labeled a "zombie company" by Chairman Eric Semler, profitable but stuck with stagnant stock performance despite sizable cash holdings. That all changed once Bitcoin entered the picture. The firm’s BTC stack hit 3,192 coins in February, with Semler claiming a 152% yield on its holdings to date. It currently ranks 12th among public companies holding Bitcoin, per data from Bitcoin Treasuries.
“Bitcoin has unique characteristics as a scarce and finite asset,” the filing reads, calling it a “safe haven amid global instability.”
What’s Next for Semler Scientific?
Beyond Bitcoin, the $500M filing gives Semler flexibility to pursue R&D, working capital, and even acquisitions in fields that complement its core healthcare tech business.
Still, investor sentiment has been mixed—its stock (SMLR) has dropped 37% year-to-date, sitting at $34.40. While Wall Street remains cautious, Semler’s crypto-forward financial strategy has caught the attention of Bitcoin maximalists and decentralized finance advocates alike. If the offering is successful, it could solidify Semler’s place as one of the most Bitcoin-exposed public firms, and perhaps reignite interest in how traditional companies integrate crypto into their long-term value proposition.
