Semler Scientific's Bitcoin Yield Surges 22.2% Year-to-Date

Semler Scientific, a publicly traded medical device firm, reported a 22.2% year-to-date Bitcoin yield in the first quarter of this year, outperforming major corporate BTC holders such as Strategy and Riot Platforms. The company's Bitcoin treasury strategy, which includes both realized and unrealized gains, drove this impressive yield. In terms of dollar gains, Semler saw a $41.6 million BTC gain in Q1, which increased to $52 million by May 12.

During Q1, Semler Scientific purchased 894 BTC at a total cost of $90.7 million, bringing its total Bitcoin holdings to 3,192 BTC as of March 31, with a fair value of $263.5 million. However, this value reflected a cumulative decrease of $16.9 million in fair value. Subsequently, through May 12, Semler acquired an additional 616 BTC for $59.6 million, increasing its total holdings to 3,808 BTC, which now holds a fair value of $387.9 million and a total cost basis of $340 million.

Despite the strong performance of its Bitcoin holdings, Semler Scientific reported a net loss of $64.7 million, or $6.74 per share, for the first quarter of 2025. This loss was driven by a 44% year-over-year decrease in revenue to $8.8 million and a surge in operating expenses to $39.9 million, including a $29.8 million contingent liability tied to a potential DOJ settlement. This compares to net income of $6.1 million in the same period last year.

While Semler’s BTC holdings remain modest compared to other publicly traded companies with Bitcoin treasuries, its 22.2% BTC yield year-to-date places it ahead of Bitcoin-holding behemoths Strategy and Riot Platforms. Strategy, the largest corporate holder with 553,555 BTC, reported a 13.7% BTC yield as of April 28, translating to a $5.8 billion gain year-to-date. That puts it at 58% of its revised full-year BTC dollar gain target of $15 billion. Despite the strong crypto performance, fair value accounting rules drove a GAAP net loss of over $4.2 billion in Q1.

Riot Platforms, which held 19,223 BTC as of March 31, reported a year-to-date BTC yield of 7.7%. Despite producing 1,530 BTC in the first quarter, Riot’s profitability was pressured by a sharp increase in average Bitcoin mining cost to $43,808 per BTC, driven by the April 2024 halving and increased global hash rate competition.

MARA, the second largest corporate holder of Bitcoin, has not disclosed an explicit Bitcoin yield percentage for the first quarter of this year, but its substantial increase in holdings—from 17,320 BTC in Q1 2024 to 47,531 BTC in Q1 2025, a 174% year-over-year jump—suggests aggressive accumulation and operational scale-up.

Semler Scientific's performance highlights the potential for companies to leverage Bitcoin as a strategic asset, even in the face of significant operational challenges. The company's ability to generate a high yield on its Bitcoin holdings, despite a net loss in the first quarter, demonstrates the potential for Bitcoin to serve as a hedge against market volatility and a source of significant gains. However, the company's financial performance also underscores the importance of managing operational expenses and addressing potential legal liabilities.