Semler Scientific, a Nasdaq-listed healthcare technology firm, is charting a bold new course with plans to raise up to $500 million through a flexible securities offering—funds the company says may be used in part to accumulate more Bitcoin.
In a new Form S-3 shelf registration filed Tuesday with the U.S. Securities and Exchange Commission, Semler disclosed plans to issue a mix of securities—including common stock, debt, warrants, and units—across multiple offerings. While the filing leaves room for various corporate initiatives, including research and capital investments, Bitcoin stands out as a central pillar in the company’s treasury strategy.
“We view our Bitcoin holdings as long-term holdings and expect to continue to accumulate Bitcoin,” the company wrote in the filing, adding that it has not set any specific target for future purchases and will monitor market conditions for additional buys.
The filing underscores Semler’s strategic shift toward digital assets as treasury instruments, mirroring similar moves by other U.S. public companies seeking hedges against inflation and macroeconomic volatility.
DOJ Settlement Paves Way for Crypto-Focused Growth
Semler’s SEC filing comes just as the company moves to resolve a years-long legal overhang. In a related 8-K disclosure, the firm revealed a $29.75 million settlement-in-principle with the U.S. Department of Justice (DOJ), closing an investigation tied to potential False Claims Act violations dating back to 2017.
The DOJ probe focused on the company’s Medicare billing and marketing practices related to its vascular testing devices, raising concerns about improperly billed reimbursements.
“We have reached a settlement in principle. Excited to buy more BTC!” said Semler founder and chairman Eric Semler on X.
Although the agreement has yet to be finalized, the anticipated resolution removes a major barrier to Semler’s crypto-forward transformation, freeing the company to aggressively pursue its new capital deployment strategy.
Semler’s Bitcoin Holdings Top $266M Amid Volatility
As of mid-April 2025, Semler Scientific holds 3,192 BTC, worth approximately $266 million at current market prices. Since adopting its Bitcoin treasury strategy in May 2024, the company has spent $280.4 million acquiring BTC at an average cost basis of $87,854 per coin.
Despite a current unrealized loss of around $14 million, executives maintain that Bitcoin remains a core long-term asset for the company. Its most recent BTC acquisition—871 coins purchased between January 11 and February 3—was executed at an average price of $101,616 per Bitcoin.
Semler’s pivot places it among a growing cohort of public companies—including Strategy (formerly MicroStrategy), Marathon Digital, and CleanSpark—that are repositioning their balance sheets around Bitcoin as a strategic macro asset.
Quick Facts
- Semler Scientific has filed a $500 million shelf registration with the SEC, aimed at raising funds for Bitcoin and other corporate uses.
- The filing follows a $29.75 million DOJ settlement tied to marketing and billing practices under investigation since 2017.
- The company holds 3,192 BTC, valued at approximately $266 million, with a total cost basis of $280.4 million.
- Semler joins a growing list of public firms turning to Bitcoin as a treasury reserve asset amid macroeconomic uncertainty.
