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Semler Scientific, a healthcare tech firm with a reputation for its aggressive Bitcoin investment plan, has incurred a paper loss of around US$41.8 million on its Bitcoin assets in Q1 2025. The revelation came in an early filing with the US Securities and Exchange Commission (SEC) on April 15.
The company held 3,182 Bitcoin, valued at US$263.5 million as of March 31. This valuation reflects a 12% decline in Bitcoin prices, which dropped from US$93,500 at the start of the year to US$82,350 at the end of March. The broader correction from the all-time high down to April 7’s low near US$75,000 marked a 32% retracement.
Even with the crypto losses, Semler Scientific posted revenues between US$8.8 million and US$8.9 million and operational losses between US$1.3 million and US$1.5 million for the quarter. The firm also had US$10 million in cash and cash equivalents as of March 31.
Semler's focus on Bitcoin remains unchanged. In November, CEO Doug Murphy-Chutorian had reaffirmed the company's commitment:
"We continue laser-focused on buying and holding Bitcoin while facilitating innovation and expansion in our healthcare business."
Semler is also reportedly the 12th largest corporate holder of Bitcoin, just ahead of Hong Kong-based Boyaa Interactive International Limited, according to Bitbo.
In another April 15 filing, Semler disclosed plans to sell and issue as much as US$500 million of securities, proceeds to go toward additional Bitcoin acquisitions and general corporate functions.
"We may offer and sell securities from time to time in one or more offerings, up to an aggregate value of US$500,000,000," the filing said.
The firm's shares, traded on Nasdaq under the symbol SMLR, have declined 36% so far this year as the market has been volatile. Semler recognized the dangers of its unstable stock price in its SEC statement.
Furthermore, the firm revealed that it had agreed in principle to resolve a Department of Justice civil investigation for approximately US$30 million.
Despite the recent setbacks, Semler Scientific is doubling down on its Bitcoin-driven financial strategy. While the volatility of both crypto and equity markets poses continuing risks, the company remains one of the handful of healthcare firms embracing digital assets as a fundamental component of its balance sheet.
