Semler Scientific has reported significant losses from its investments in Bitcoin and outlined plans for a securities sale to support further investments into cryptocurrency.
Losses on Bitcoin Investments
Semler Scientific announced a preliminary unrealized loss from the change in fair value of its Bitcoin investments amounting to approximately $41.8 million since December 31, according to a filing with the Securities and Exchange Commission on April 15.
Semler's Financial Performance
The company disclosed holdings of 3,182 Bitcoins valued at around $263.5 million as of March 31. During the three-month period, BTC prices fell 12% from $93,500 at the beginning of January to $82,350 by the end of March. Semler is also expecting revenues of $8.8 to $8.9 million and operational losses of $1.3 to $1.5 million.
Securities Sale Plans
In a separate April 15 SEC filing, the firm outlined its plans to offer and sell securities worth up to $500 million, part of which will be dedicated to continuing its Bitcoin acquisition strategy. "We may offer and sell securities from time to time in one or more offerings up to an aggregate value of $500,000,000," the statement revealed.
Semler Scientific continues to navigate the volatility of its assets and remains committed to its strategy of accumulating Bitcoin despite the financial risks and losses.
