Semler Scientific plans to raise $75 million through a private offering of convertible senior notes to enhance its Bitcoin investment strategy and support broader corporate initiatives.
The offering includes an option for an additional $15 million for initial purchasers. The notes will be convertible into cash or stock.
The senior unsecured notes due 2030 will bear interest semiannually. To reduce the potential dilution resulting from the conversion of the notes, Semler Scientific intends to enter into capped call transactions with financial institutions.
This comes as a result of the company reaping big from its Bitcoin holdings, which returned 99.3% in 2024. At the end of last year, on December 31, Semler Scientific reported holding 2,321 BTC, roughly valued at $240 million.
MicroStrategy has stayed atop the corporate Bitcoin holdings with over $47 billion, a position it has held for the last 11 weeks. Other companies, including Hoth Therapeutics, Genius Group, and Rumble, have increased their Bitcoin portfolio.
That trend has gone well beyond corporations and ensnared state governments, as Wisconsin, Ohio, Florida, Michigan, Pennsylvania, and Texas have all taken steps to incorporate Bitcoin into their asset portfolios. That is just one component of a much larger general trend toward digital currencies as an economic hedge.