Deniz 
Semler Scientific, a developer of medical devices and healthcare technologies, said Tuesday that it intends to purchase bitcoin using its cash reserves; almost immediately, the company’s shares jumped by as much as 27%.
The board of directors of Semler Scientific announced that it “adopted bitcoin as its primary treasury reserve asset” and “purchased 581 bitcoins for an aggregate amount of $40 million, inclusive of fees and expenses.”
Company’s shares surged 27% on Tuesday, at one point changing hands at $29.50 a share after closing at $23.32 per share on Friday (U.S. markets were closed Monday). Yahoo Finance reports. At the time of publishing, the market capitalization of all of Semler Scientific’s shares was rather more than $200 million.
“Our bitcoin treasury strategy and purchase of bitcoin highlight our belief that bitcoin is a reliable store of value and a compelling investment,” Semler Scientific Chairman Eric Semler said in the company’s statement.” Being a limited and finite asset, Bitcoin offers special qualities as a suitable inflation buffer and safe haven amid world turmoil.”
The company stated it keeps making money and building cash reserves; bitcoin will be Semler Scientific’s “principal treasury holding on an ongoing basis.”
Renowned for its MicroStrategy, which started purchasing with extra income in 2020 as an inflation hedge, Michael Saylor’s business intelligence company
Shares of Semler (SMLR) traded at $30.38 at publication time.