Semler Scientific, a formerly obscure medical device manufacturer, has announced plans to win an astounding 105,000 BTC by the end of 2027. Its ambitions will be Semler to become the second largest corporate Bitcoin holder in the world, second only to strategy (previously micro-tactics).
The announcement, made on June 20, sent Semler’s shares, rising nearly 12% in pre-market trading, amid investors’ enthusiasm for the company’s aggressive Bitcoin financial strategy. At current prices, the target of 105,000 BTC is above $11 billion, a spectacular sight for companies that recorded revenues of less than $60 million last year.
From medical devices to macro bets
Semler Scientific has built its business around diagnostic tools such as the ankle humerus index test for peripheral arterial disease. However, since May 2024, its profile changed dramatically when the company adopted Bitcoin as its main Treasury protected asset.
The company’s initial purchase was $40 million, marking the beginning of a financial transformation. By April, Semler had acquired 3,467 BTC at an average cost of $88,263. Since then, it has added another 982 BTC, bringing a total of 4,449 BTC, worth around $471 million.
The roadmap for the forward is even more ambitious. Semler will target 10,000 BTC by the end of 2025, 42,000 by the end of 2026, and 105,000 by December 2027. If you achieve that, you will need to get over 100,000 BTC in under 3 years.
Construction of the Bitcoin Powerhouse
To implement this plan, Semler is pulling from the Strategy Playbook. The company funds purchases through a combination of market (ATM) stock sales, senior convertible notes, and operating cash flows. It raised $88.5 million through convertible debt in early 2025 and continues to leverage the capital market to fund additional purchases.
On June 19th, Semler hired Bitcoin analyst Joe Barnett as director of Bitcoin Strategy. Burnett brought the vocal Bitcoin Maximalist attitude and gave his goals openly.
Eric Semler, the company’s chairman and same name, said, “We look forward to helping Joe join the Bitcoin Strategy team and encourage his three-year plan to own 105,000 bitcoins.”
Beyond Hype: Scale and Risk Questions
Semler’s BTC BET captures the headlines, but also invites scrutiny. The accumulation scale equal to about 0.5% of the maximum supply of Bitcoin raises questions of liquidity crunch regarding market depth and execution.
There are also internal risks. Critics warn that a focus on Bitcoin can distract you from Semler’s core Medtech operations, where R&D and regulatory compliance remain capital-intensive. Furthermore, as the Financial Accounting Standards Board (FASB) requires fair value accounting for digital assets, the company’s revenues can fluctuate wildly along with the volatility of BTC prices.
Regulatory optics add another layer of complexity. As a healthcare player serving the Medicare and FDA-regulated markets, Semler’s pivot on a digitally-heavy strategy was unprecedented and could have elicited new scrutiny under the previous regulatory regime. However, given the current regulatory climate in the US, it is surprising to see US companies discourage Bitcoin purchases.
Comparing strategies and new company trends
Inevitably, observers called Semler “Micro Strategy Junior.” Michael Saylor’s company holds approximately 592,100 BTC and uses a similar combination of stock issuance and debt to build a WAR chest. However, unlike its strategy, a profitable software business, Semler bets its relatively modest sales base against its huge financial position.
That dichotomy could still work in the favor of Semler. If BTC is highly valued and investors’ sentiment remains strong, Semler can ride a valuation wave, like a strategy, that is disconnected from its underlying product sales.
The move also reinforces the broader narrative of Bitcoin’s growing role in corporate finance. Tech companies like Block and Tesla have dabbled in BTC Holdings, but Semler’s full throttle commitment has pioneered the new wave of the Bulls on balance sheets, even outside of the tech sector.
Semler’s pivot may still prove to be foresightful or dangerous. Its Bitcoin Holding already has its core business worth its business business, and the company is currently on a path where digital asset management could potentially define the future than medical diagnosis.
With a $10 billion BTC target, Semler is betting on Bitcoin, but he can bet it or completely remake its identity into a strategy.
Whether investors will buy the story remains a long-term question. But for now, Semler has adjusted himself even closer to the strategy’s Bitcoin play, and he still hopes to see the long-term oversized profits soon enough for the party.
