Semler Scientific, the previously obscure medical device maker, has unveiled plans to acquire a staggering 105,000 BTC by the end of 2027. Its ambition would make Semler the second-largest corporate Bitcoin holder in the world, behind only Strategy (formerly MicroStrategy).

The announcement, made on June 20, sent Semler’s shares soaring nearly 12% in pre-market trading, amid investor enthusiasm for the company’s aggressive Bitcoin treasury strategy. At current prices, the 105,000 BTC goal represents over $11 billion, an eye-popping figure for a company that posted less than $60 million in revenue last year.

From medical devices to macro bets

Semler Scientific built its business around diagnostic tools like ankle-brachial index testing for peripheral artery disease. But since May 2024, when the company adopted Bitcoin as its primary treasury reserve asset, its profile has shifted dramatically.

The firm’s first purchase for $40 million marked the start of a financial transformation. By April, Semler held 3,467 BTC acquired at an average cost of $88,263. It has since added another 982 BTC, bringing its total to 4,449 BTC, worth approximately $471 million.

The roadmap forward is even more ambitious. Semler targets 10,000 BTC by the end of 2025, 42,000 by the end of 2026, and the full 105,000 by December 2027. Achieving that would require it to acquire over 100,000 BTC in under three years, a rate of accumulation unmatched by any other public company save MicroStrategy.

Building a Bitcoin powerhouse

To execute this plan, Semler is drawing from the Strategy playbook. The company is funding its purchases through a mix of at-the-market (ATM) share sales, senior convertible notes, and operating cash flow. It raised $88.5 million via convertible debt in early 2025 and continues to tap capital markets to finance additional buys.

On June 19, Semler hired Bitcoin analyst Joe Burnett as Director of Bitcoin Strategy, a role that did not exist prior to the company’s pivot. Burnett brings a vocal Bitcoin-maximalist stance and stated the goal bluntly: “It’s time to build one of the most valuable companies in the world.”

Eric Semler, the company’s chairman and namesake, added, “We are excited to have Joe join our Bitcoin strategy team and help drive our three-year plan to own 105,000 Bitcoins.”

Beyond Hype: Questions of Scale and Risk

While Semler’s BTC bet has captured headlines, it also invites scrutiny. The scale of accumulation, equal to roughly 0.5% of Bitcoin’s maximum supply, raises liquidity crunch questions about market depth and execution.

There are internal risks too. Critics warn that focusing too heavily on Bitcoin could distract from Semler’s core med-tech operations, where R&D and regulatory compliance remain capital-intensive. Furthermore, with the Financial Accounting Standards Board (FASB) now requiring fair-value accounting for digital assets, the company’s earnings could swing wildly with BTC price volatility.

Regulatory optics add another layer of complexity. As a healthcare player serving Medicare and FDA-regulated markets, Semler’s pivot to a digital asset-heavy strategy is unprecedented and could have drawn new scrutiny under previous regulatory regimes. However, given the current regulatory climate in the US, it would be surprising to see any US company discouraged from buying Bitcoin.

Strategy comparisons and a new corporate trend

Inevitably, observers have dubbed Semler “MicroStrategy junior.” Michael Saylor’s firm holds roughly 592,100 BTC and uses a similar combination of equity issuance and debt to build its war chest. But unlike Strategy, which remains a profitable software business, Semler is wagering a relatively modest operating base against a colossal financial position.

That dichotomy could still work in Semler’s favor. If BTC appreciates and investor sentiment remains strong, Semler may ride a valuation wave that, like Strategy, decouples from its underlying product sales.

The move also reinforces the broader narrative of Bitcoin’s growing role in corporate finance. While tech firms like Block and Tesla have dabbled in BTC holdings, Semler’s full-throttle commitment makes it a bellwether for a new wave of balance-sheet bulls, even outside the tech sector.

Semler’s pivot may yet prove visionary, or perilous. Its Bitcoin holdings already dwarf its core business in value, and the company is now on a path where digital asset management may define its future more than medical diagnostics.

With its $10 billion BTC target, Semler is betting on Bitcoin, while also betting it can remake its identity entirely akin to Strategy.

Whether investors buy into that story long-term remains the open question. But for now, Semler is aligning itself even closer to Strategy’s Bitcoin play, hoping it’s still early enough to the party to see long-term outsized gains.

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The new Bitcoin Tsunami

Finance Companies – Companies that are almost exclusively dedicated to Bitcoin accumulation are flooded with markets.

They are all more or less Strategic (MSTR) playbooks, so there is growing doubt about the best way to cherish them and compare them to each other.

“The most important indicator of the Bitcoin Treasury is the premium that trades compared to the underlying net assets, including any operating company,” wrote Greg Chipolalo, global research director at Bitcoin finance company NYDIG in a June 6 report.

On the surface, it means summing the company’s Bitcoin, cash and company’s value except for those of Bitcoin, and deducting obligations such as debt and preferred stocks. “It is this premium that allows these companies to convert Bitcoin stocks, and it works effectively as a money changer converting Bitcoin stocks,” says Cipolaro.

One of the most popular metrics, MNAV measures a company’s valuation of net asset value. In these cases, it is Bitcoin’s Ministry of Finance. MNAVs above 1.0 indicate that investors are interested in paying premiums in stock exposures compared to Bitcoin Stash. However, an MNAV below 1.0 means that fairness is less valuable than the company’s holdings.

But Mnav alone is “a terrible shortage” to analyze the pros and cons of these companies, Cipolaro said. The research report used other metrics such as NAV, MNAV measured by market capitalization, MNAV, MNAV in enterprise value, and NAV equity premium to provide more complex images.

The table shows, for example, that the premium to NAVs of Semler Scientific (SMLR) and Trump Media (DJT) (measuring the percentage of the fund’s market price and the percentage of net asset value) is the lowest of eight measured companies, which are -10% and -16%, respectively, despite the fact that they have an MNAV greater than 1.1, respectively.

Unfortunately, both SMLR and DJT will hardly change on Monday, even if Bitcoin rises to $108,500 against the $105,000 level on Friday evening. MSTR is 5% shy.