Semler Scientific is ramping up its bitcoin strategy with a $500 million securities offering and a new loan agreement with Coinbase.
Public medial device maker Semler Scientific has filed a registration statement with the U.S. Securities and Exchange Commission to offer up to $500 million in securities, with the intent to use some of the proceeds to buy more Bitcoin (BTC).
In the S-3 statement, the Nasdaq-listed healthcare tech firm said it may sell common stock, preferred stock, debt securities, warrants and units over time. The proceeds will be used “primarily for general corporate purposes, including the acquisition of Bitcoin,” according to the filing.
In the filing, the company also doubled down on its crypto strategy, saying it views Bitcoin holdings “as long term holdings and expect to continue to accumulate Bitcoin.” Semler Scientific noted though that it hasn’t set “any specific target for the amount of Bitcoin we seek to hold, and we will continue to monitor market conditions in determining whether to engage in additional Bitcoin purchases.”
Semler started buying Bitcoin in May 2024 and now holds 3,192 BTC worth about $315 million, according to data from Bitcoin Treasuries. Semler also disclosed a master loan agreement with Coinbase that would allow it to borrow using Bitcoin as collateral. In a separate filing, Semler said it reached an agreement-in-principle with the Department of Justice to pay $29.75 million to settle claims tied to the False Claims Act.
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