Semler Scientific, a medical producer listed on Nasdaq that made news last month for including Bitcoin (BTC) in its treasury, has purchased another $17 million worth of the commodity and could raise up to $150 million to buy more.

Recent Bitcoin Acquisition

On June 6, the company reported in an S-3 filing to the US securities authorities its most recent acquisition of Bitcoin. Originally buying just 581 bitcoins on May 28, it currently has 828 bitcoins, valued at more than $58.5 million.

“It emphasizes our opinion that bitcoin is a worthy investment and a consistent store of value. We shall keep following our plan of buying bitcoins with cash.”

Future Plans and Funding Strategy

Neither is Semler wasting too much time. It said it might raise debt securities worth another $150 million, of which some would be used to purchase more Bitcoin. The company said, “We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of bitcoin.”

In a June 6 statement, Doug Murphy-Chutorian, the CEO of the company, claimed Semler’s investment strategy for Bitcoin has evolved into the company’s second main focus beside its healthcare operation.

Bitcoin as a Strategic Asset

Now Semler’s main treasury reserve asset, Bitcoin, may act as a “reasonable inflation hedge and safe haven amid global instability,” the company wrote in its SEC disclosure.

“We also think that its digital, architectural resilience makes it better than gold, which has a market value much above the market value of bitcoin,” Semler added. “Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate outsize returns as it gains increasing acceptance as ‘digital gold.”

The company repeated that it “has no plans to purchase cryptocurrency assets other than bitcoin.”

Market Reactions and Comparisons

News of Semler’s (SMLR) May 28 purchase caused a 30% stock surge. But it fell 2.5% to $29.13 on June 6, as Google Finance data indicates, not popping this time around.

Metaplanet, a Japanese-based investing company, follows MicroStrategy’s Bitcoin approach.

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Since first purchasing $6.5 million in Bitcoin on April 8, it has made further acquisitions totaling 117.7 Bitcoin, or $8.3 million at current rates.

The final Bitcoin acquisition made by Metaplanet on May 22 helped it rank highest among all the stocks on the Tokyo Stock Exchange for two consecutive days.