Semler Reports $41.8M Bitcoin Loss, Plans $500M Securities Sale

Semler Scientific, a healthcare technology firm, has reported significant paper losses on its Bitcoin holdings during the first quarter of this year. The company disclosed an unrealized loss of approximately $41.8 million from the change in fair value of its Bitcoin holdings since December 31, as per a filing with the Securities and Exchange Commission on April 15.

As of March 31, Semler held 3,182 Bitcoin valued at around $263.5 million. Over the three-month period, Bitcoin prices experienced a 12% decline, dropping from $93,500 at the start of January to $82,350 by the end of March. The full correction from its all-time high to the low below $75,000 on April 7 stands at 32%.

Despite the losses, Semler reported expected revenues of $8.8 to $8.9 million and operational losses of $1.3 to $1.5 million for the period. The company held cash and cash equivalents of approximately $10 million as of March 31.

In November, Semler Scientific CEO Doug Murphy-Chutorian emphasized the company's commitment to acquiring and holding Bitcoin while supporting innovation and growth in its healthcare business.

Semler is recognized as the twelfth largest corporate holder of Bitcoin, ahead of a gaming firm. The company also reported reaching an agreement in principle to pay almost $30 million to settle claims related to a civil investigation by the Department of Justice.

In a separate filing on April 15, Semler announced its plan to offer and sell securities worth up to $500 million. The proceeds from this securities sale are intended to support the company's Bitcoin acquisition strategy and general corporate purposes.

Semler's common stock is listed on the Nasdaq under the symbol SMLR. The company cautioned that its stock price has been volatile and may continue to be so. Shares in the medical firm have fallen 36% since the beginning of 2025.

Semler's decision to float a $500 million securities sale comes at a time when the company is navigating significant paper losses on its Bitcoin holdings. The move is part of a broader strategy to continue acquiring Bitcoin while managing its financial obligations and supporting its healthcare business.

The company's commitment to Bitcoin, despite the recent price corrections, underscores its long-term belief in the cryptocurrency's potential. However, the volatility in Bitcoin prices and the potential for further losses pose challenges for Semler's financial stability.

The securities sale will provide Semler with the necessary funds to continue its Bitcoin acquisition strategy and address its operational losses. The company's ability to manage its financial obligations and navigate the volatile cryptocurrency market will be crucial in determining its future success.