The increasing adoption of Bitcoin by institutional companies worldwide is becoming more noticeable. The impact of spot Bitcoin ETFs offered by major asset management companies has created a snowball effect, continuing to grow daily. In this context, one of the world’s leading healthcare companies has announced a Bitcoin investment.
Bitcoin Purchase Made
SemlerScientific (SMLR), a well-known healthcare company, announced that it purchased 581 Bitcoin (BTC) for its treasury. Following this announcement, the company’s stock price saw a 25% increase in the first minutes of trading in the US on Tuesday.
When examining the market value, the company, which is valued at under $200 million (the price it had this morning), reported $62.9 million in cash and cash-equivalent investments by the end of the first quarter. The company’s first-quarter revenue was $15.9 million, with an operating cash flow of $6.1 million.
According to the announcement made in the morning, Semler purchased 581 Bitcoin following a $40 million investment, which means an average price of $68,850 per token.
Company Chairman Eric Semler said:
Bitcoin is currently a significant asset class with a market value exceeding $1 trillion. We believe it has unique characteristics that can serve as a reasonable hedge against inflation and a safe haven amid global instability. Additionally, we believe its digital, architectural flexibility makes it preferable to gold, which has a market value about ten times that of Bitcoin.
Today’s 25% gain brought the stock to only a 2% decline on a yearly basis.
Bitcoin Price Update
The early morning Mt. Gox transfers caused a complete shock in the market. A cold wallet belonging to Mt. Gox transferred BTC worth $2.9 billion to another wallet of unknown ownership. Before the event, BTC was at the $69,400 mark but dropped to $67,400 within just one hour.
As of the time of writing, BTC continues to trade at $67,850 after a 2% drop in the last 24 hours, approximately 10% away from its ATH.
