There’s a new publicly traded company opting for owning Bitcoin instead of cash.
What’s happening:
- Healthcare technology company Semler Scientific (NASDAQ: SMLR) has announced they have begun to acquire Bitcoin for the first time ever
By the numbers:
- Semler Scientific has purchased 581 Bitcoin for approximately $40M USD
Why it matters:
- Bitcoin being held as an asset by publicly traded companies has become a paradigm shift for companies listed on major stock exchanges and also represents yet another new source of significant demand for Bitcoin
Going deeper:
- Bitcoin has been seeing enormous amounts of new capital flow into spot Bitcoin ETFs listed on major stock exchanges in the United States, with over 900 institutions and hedge funds now owning spot Bitcoin ETFs
- Block (NASDAQ: SQ) recently announced they would begin consistently buying Bitcoin with a percentage of all profits from their Bitcoin related operations
Market reaction:
- Shares of Semler Scientific were up over 30% on the announcement