Semler Scientific plans to acquire 105,000 BTC by 2027, representing 0.5% of the total Bitcoin supply through a financing plan involving stocks, debts, and cash.
In just one year, the company went from 0 to over 3,800 BTC, becoming the 13th most exposed listed company to Bitcoin according to BitBo.
Despite a latent gain of $177 million, SMLR’s stock fell by 41% in 2024, raising concerns about the long-term viability of the model.
A Monumental Goal: 0.5% of the Total Bitcoin Supply
Semler Scientific is aiming big. The American connected health company plans to acquire up to 105,000 BTC by 2027. A staggering number, representing 0.5% of the maximum Bitcoin supply, which is strictly limited to 21 million units.
The announcement marks a major strategic turning point for this Nasdaq-listed company, which had none Bitcoin just a year ago. In May 2024, Semler made its first purchase. A year later, its portfolio already exceeds 3,800 BTC, ranking it the 13th worldwide in public companies most exposed to Bitcoin, according to BitBo.
A Three-Year Accumulation Plan, Military-Style
The goal is clear: reach 10,000 BTC by the end of 2025, 42,000 BTC by the end of 2026, and peak at 105,000 BTC in 2027. To achieve this, Semler relies on a combination of equity financing, debt, and operational cash.
And to lead this operation, the company has enlisted Joe Burnett, former director at Unchained Capital and Blockware Solutions, officially appointed as the “Director of Bitcoin Strategy.” A 100% Bitcoin profile, who has worked at Ernst & Young, and firmly believes that “the movement of integrating Bitcoin into corporate treasury is rapidly accelerating.”
Behind Semler, a Heavy Trend: the Rush of Listed Companies to BTC
Semler is not alone. For several quarters now, we have been witnessing an exponential growth in Bitcoin purchases by listed companies, such as Metaplanet in Japan, aiming for 210,000 BTC by the end of 2027.
In this context, Semler’s initiative is part of a broader dynamic: a capital rebalancing towards a value perceived as inflation-resistant, outside the traditional banking system.
A Bet that Worries Some Analysts
But not everyone shares this enthusiasm. Crypto analyst Matthew Sigel at VanEck warns: if the stock price drops too sharply, BTC purchasing strategies funded by issuing securities could backfire. According to him, Semler is now “close to parity” between its stock price and net asset value.
Indeed, Semler’s stock (SMLR) lost 41% in 2024, returning to levels similar to those before Bitcoin became part of the group’s strategy.
Bitcoin’s Performance Still Strong… for Now
Despite these warnings, the numbers speak for themselves: +287% unrealized return on its Bitcoin purchases, representing an estimated latent gain of $177 million as of June 3rd. Each SMLR share now provides exposure to 0.00034 BTC, one of the highest ratios in the market.
It remains to be seen whether this massive bet on the king of cryptocurrencies will stand the test of time… or if the market will shake it before 2027.
