Medical device maker Semler doubles down pivot to Bitcoin, setting Strategy in its sights.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Semler Scientific, the previously obscure medical device maker, has unveiled plans to acquire a staggering 105,000 BTC by the end of 2027. Its ambition would make Semler the second-largest corporate Bitcoin holder in the world, behind only Strategy (formerly MicroStrategy).
The announcement, made on June 20, sent Semler’s shares soaring nearly 12% in pre-market trading, amid investor enthusiasm for the company’s aggressive Bitcoin treasury strategy. At current prices, the 105,000 BTC goal represents over $11 billion, an eye-popping figure for a company that posted less than $60 million in revenue last year.
From medical devices to macro bets
Semler Scientific built its business around diagnostic tools like ankle-brachial index testing for peripheral artery disease. But since May 2024, when the company adopted Bitcoin as its primary treasury reserve asset, its profile has shifted dramatically.
The firm’s first purchase for $40 million marked the start of a financial transformation. By April, Semler held 3,467 BTC acquired at an average cost of $88,263. It has since added another 982 BTC, bringing its total to 4,449 BTC, worth approximately $471 million.
The roadmap forward is even more ambitious. Semler targets 10,000 BTC by the end of 2025, 42,000 by the end of 2026, and the full 105,000 by December 2027. Achieving that would require it to acquire over 100,000 BTC in under three years, a rate of accumulation unmatched by any other public company save MicroStrategy.
Building a Bitcoin powerhouse
To execute this plan, Semler is drawing from the Strategy playbook. The company is funding its purchases through a mix of at-the-market (ATM) share sales, senior convertible notes, and operating cash flow. It raised $88.5 million via convertible debt in early 2025 and continues to tap capital markets to finance additional buys.
On June 19, Semler hired Bitcoin analyst Joe Burnett as Director of Bitcoin Strategy, a role that did not exist prior to the company’s pivot. Burnett brings a vocal Bitcoin-maximalist stance and stated the goal bluntly: “It’s time to build one of the most valuable companies in the world.”
Eric Semler, the company’s chairman and namesake, added, “We are excited to have Joe join our Bitcoin strategy team and help drive our three-year plan to own 105,000 Bitcoins.”
Beyond Hype: Questions of Scale and Risk
While Semler’s BTC bet has captured headlines, it also invites scrutiny. The scale of accumulation, equal to roughly 0.5% of Bitcoin’s maximum supply, raises liquidity crunch questions about market depth and execution.
There are internal risks too. Critics warn that focusing too heavily on Bitcoin could distract from Semler’s core med-tech operations, where R&D and regulatory compliance remain capital-intensive. Furthermore, with the Financial Accounting Standards Board (FASB) now requiring fair-value accounting for digital assets, the company’s earnings could swing wildly with BTC price volatility.
Regulatory optics add another layer of complexity. As a healthcare player serving Medicare and FDA-regulated markets, Semler’s pivot to a digital asset-heavy strategy is unprecedented and could have drawn new scrutiny under previous regulatory regimes. However, given the current regulatory climate in the US, it would be surprising to see any US company discouraged from buying Bitcoin.
Strategy comparisons and a new corporate trend
Inevitably, observers have dubbed Semler “MicroStrategy junior.” Michael Saylor’s firm holds roughly 592,100 BTC and uses a similar combination of equity issuance and debt to build its war chest. But unlike Strategy, which remains a profitable software business, Semler is wagering a relatively modest operating base against a colossal financial position.
That dichotomy could still work in Semler’s favor. If BTC appreciates and investor sentiment remains strong, Semler may ride a valuation wave that, like Strategy, decouples from its underlying product sales.
The move also reinforces the broader narrative of Bitcoin’s growing role in corporate finance. While tech firms like Block and Tesla have dabbled in BTC holdings, Semler’s full-throttle commitment makes it a bellwether for a new wave of balance-sheet bulls, even outside the tech sector.
Semler’s pivot may yet prove visionary, or perilous. Its Bitcoin holdings already dwarf its core business in value, and the company is now on a path where digital asset management may define its future more than medical diagnostics.
With its $10 billion BTC target, Semler is betting on Bitcoin, while also betting it can remake its identity entirely akin to Strategy.
Whether investors buy into that story long-term remains the open question. But for now, Semler is aligning itself even closer to Strategy’s Bitcoin play, hoping it’s still early enough to the party to see long-term outsized gains.
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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