A California-based healthcare technology company specializing in cardiovascular diagnostics (e.g., QuantaFlo device) theblock

Market cap in 2024 hovered around $200–$300 million, though its Bitcoin stash has far exceeded that valuation theblock

💰 The Bitcoin Strategy

May 2024: Adopted Bitcoin as primary treasury reserve asset, buying 581 BTC (~$40M)—stock jumped ~27–37% on the new diego.

Aug 2024: Added another 101 BTC (~$6M); Q3 saw 47 BTC, bringing total to 1,058 BTC .


  • Nov–Dec 2024: Purchased ~512 BTC more, raising holdings to 1,873 BTC ($147 M)


    Feb 2025: Bought an additional 871 BTC (~$88.5M); total BTC now ~3,192 at $313 M in value reddit.com+2reddit.com+2reddit.com+2.


    They funded purchases through equity raises, convertible notes, and cash flow the block


    📊 The Scale of the Bet

Holding ~3,200 BTC, valued at ~$300M+.

That means Bitcoin positions exceed its core business valuation—a high-stakes pivot business insider.

They introduced a self-defined "BTC Yield" metric to quantify BTC per share growth but this is more a vanity KPI than true cash flow economist

🔍 Why It Matters

MicroStrategy effect: Semler echoes this strategy—leveraging Bitcoin to spark stock interest and act as a hedge

Market signal: Cementing its place among the top 12 corporate Bitcoin holders, signaling institutional endorsement of BTC treasuries

Retail attention: Shares surged with each buy, attracting short-term investors riding the Bitcoin narrative .

⚠️ Risks & Drawbacks


Core business dilution: Operating results have declined (Q1 2025 revenues down ~17% YoY), and equity dilution remains high .

Volatility exposure: Holding BTC exposes the company to market swings evident in a ~$42M unrealized Q1 loss.

Executive admission: Per FT/NYT and Ecoinimist, the move is partly a “marketing pivot” to jump-start growth—not purely hedge-driven ainvest.

Corporate focus shift: Critics worry the strategy distracts from health-tech core business fundamentals theblock.co.

🧭 Can Semler Be the Next Strategy?

Yes—if…Bitcoin prices continue upward, aligning narrative with value, and their “$BTC Yield” attracts investors. Healthcare operations stabilize or improve, reducing reliance on the Bitcoin narrative. But…A crypto downturn, core business inching backwards, or investor fatigue could unravel stock appeal. More seasoned and capitalized firms like MicroStrategy still dominate BTC treasury strategy risk resilience

📝 Final Take

Semler’s journey from a small med-tech player to a $11B-scale Bitcoin holder is a testament to how powerful the MicroStrategy thesis has become. It's a high-risk, high-reward experiment: success hinges on BTC momentum and restoring healthcare business performance. In a crypto bull market, they could outperform; but without fundamental growth, downside risks remain.

Would you like a direct comparison between Semler & MicroStrategy, charting performance, dilution trends, or deeper dive into $BTC yield KPIs and filings?