Semler Scientific purchased 210 Bitcoin for $25 million in early July, bringing its total holdings to 4,846 BTC worth approximately $578 million. According to Cointelegraph, the medical technology company acquired the coins at an average price of $118,974 per Bitcoin through a Securities and Exchange Commission filing.

The California-based company now holds Bitcoin valued at $578 million despite paying $455 million for its entire holdings. Semler Scientific raised $175 million through an at-the-market offering in April to fund its Bitcoin acquisition strategy. The company has set an ambitious target to accumulate 105,000 Bitcoin by 2027, which would represent 0.05 percent of Bitcoin's total supply.

However, investors have not responded positively to the aggressive cryptocurrency strategy. The company's shares declined 22 percent year-to-date despite significant gains on its Bitcoin investments. The stock performance contrasts sharply with the unrealized gains from the company's Bitcoin treasury holdings.

The disconnect between Semler Scientific's Bitcoin gains and stock performance reveals important dynamics in corporate cryptocurrency adoption. Crypto analyst Nic Puckrin told Cointelegraph that the company's approach of selling shares to finance Bitcoin purchases dilutes shareholder value, explaining investor reluctance.

The company's Q1 2025 earnings showed a $64.7 million net loss and 44 percent revenue decline to $8.8 million. According to Investing.com, the poor financial performance combined with share dilution created investor skepticism despite the Bitcoin treasury's success.

Semler Scientific also faces legal challenges related to a $29.8 million Department of Justice settlement concerning its QuantaFlo product marketing practices. These operational difficulties contrast with the company's cryptocurrency strategy success, creating mixed investor sentiment about management priorities.

We previously reported that StarkWare established a Bitcoin reserve while expanding its blockchain capabilities, with CEO Eli Ben-Sasson stating that blockchain companies should lead by example in Bitcoin adoption. This trend reflects growing confidence among technology firms in Bitcoin's long-term value proposition.

Semler Scientific's experience reflects broader challenges facing companies pursuing Bitcoin treasury strategies. The gap between cryptocurrency gains and stock performance suggests investors evaluate these companies differently than pure Bitcoin investment vehicles like Strategy (formerly MicroStrategy).

Corporate Bitcoin adoption accelerated significantly in 2025, with public companies purchasing more cryptocurrency than exchange-traded funds for three consecutive quarters. CNBC reported that corporations acquired approximately 131,000 coins in Q2 2025, compared to 111,000 coins purchased by ETFs during the same period.

The regulatory environment has become more favorable for corporate cryptocurrency adoption under the current administration. PYMNTS noted that clearer accounting rules and progress toward comprehensive regulatory frameworks are encouraging more traditional companies to consider Bitcoin treasury strategies.

However, market experts warn that not all companies can replicate Strategy's success with Bitcoin treasury approaches. The model requires consistent access to capital markets and investor support for aggressive cryptocurrency accumulation. Companies with weaker operational performance may struggle to maintain investor confidence while pursuing Bitcoin strategies, as demonstrated by Semler Scientific's stock performance despite significant cryptocurrency gains.