Healthcare Firm Semler Scientific Reports Q1 Paper Losses on Bitcoin Holdings

Healthcare technology company Semler Scientific reported significant paper losses on its Bitcoin holdings for the first quarter of 2025, as the cryptocurrency experienced a notable price correction.

According to an April 15 filing with the U.S. Securities and Exchange Commission (SEC), the firm recorded an unrealized loss of approximately $41.8 million due to changes in the fair value of its Bitcoin portfolio since December 31.

As of March 31, Semler held 3,182 BTC valued at around $263.5 million.

Over the three-month period, Bitcoin’s price declined roughly 12%, falling from $93,500 at the start of January to $82,350 by the end of March.

The broader correction from Bitcoin’s all-time high to its recent low below $75,000 on April 7 marks a 32% drop.

In addition to its Bitcoin exposure, Semler reported expected revenues of $8.8 to $8.9 million for the quarter, alongside operating losses estimated between $1.3 and $1.5 million.

The company also held about $10 million in cash and cash equivalents at the quarter’s close.

Despite recent market volatility, Semler remains committed to its Bitcoin strategy.

In a statement from November, CEO Doug Murphy-Chutorian emphasized the firm’s dual focus on healthcare innovation and Bitcoin acquisition.

According to Bitbo data, Semler is currently the twelfth-largest corporate holder of Bitcoin, surpassing companies like Hong Kong’s Boyaa Interactive.

Semler also disclosed it had reached a preliminary agreement to pay nearly $30 million to settle a Department of Justice civil investigation.

In a separate SEC filing, the company outlined plans to offer and sell up to $500 million in securities, with a portion of the proceeds intended to fund further Bitcoin purchases.

“We may offer and sell securities from time to time… up to an aggregate value of $500,000,000,” the firm stated.

JUST IN: Semler Scientific files to raise $500 million to buy more #Bitcoin pic.twitter.com/oKxKaBCvZB

Semler’s stock, which trades on Nasdaq under the symbol SMLR, has fallen 36% since the beginning of the year.

The company acknowledged continued share price volatility, noting it may persist in the near term.

Publicly traded companies increased their Bitcoin holdings by 16.1% in the first quarter of 2025, signaling continued institutional interest in the leading cryptocurrency despite market volatility.

According to crypto asset manager Bitwise, total corporate Bitcoin holdings climbed to approximately 688,000 BTC by the end of Q1, with companies adding 95,431 BTC over the three-month period.

Bitwise reported the combined value of these holdings reached $56.7 billion, based on a Q1 closing price of $82,445 per Bitcoin—representing a 2.2% increase in value.

The adoption of Bitcoin has also found momentum statewide in the U.S.

According to data from Bitcoin Law, 47 Bitcoin reserve bills have been introduced across 26 states, with 41 currently active.

Just recently, Kentucky Governor Andy Beshear officially signed House Bill 701, known as the “Bitcoin Rights” bill, into law—making the state one of the latest to enact legislation protecting digital asset users and operations.

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