Healthcare company Semler Scientific Inc. SMLR doubled down on its Bitcoin BTC/USD investments by purchasing an additional $17 million of the world's largest digital asset.
What Happened: In a press release shared Thursday, the medical device manufacturer said it bought 247 Bitcoins for an aggregate value of $17 million. With the latest grab, the company's total Bitcoin holdings shot up to 828, worth more than $58 million at the prevailing price of the King Crypto.
The company identified purchasing and holding Bitcoins as one of its two primary priorities, the other being expanding its healthcare operations, and said it will continue to buy more Bitcoins with cash.
Why It Matters: The firm's latest Bitcoin push comes just over a week after it adopted Bitcoin as its primary treasury reserve asset.
Higher-ups from the organization have consistently praised Bitcoin, calling it a "reasonable inflation hedge and safe haven amid global instability."
The move also underlined the evolving business strategy of publicly traded corporations trying to add Bitcoins to their portfolios.
The Michael Saylor-founded MicroStrategy remains the largest corporate holder of the prized digital currency, totaling 214,400, worth $15.8 billion, according to bitcointreasuries.com.
Price Action: Shares of Semler Scientific closed 2.48% lower at $29.13 on Thursday, according to data from Benzinga Pro. Bitcoin was trading at $70,922.97 at the time of writing.
Read Next: JPMorgan: US Crypto Regulations Signal Opposition To CBDCs And Non-Compliant Stablecoins
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