Semler Scientific

### Overview Semler Scientific, Inc. (Nasdaq: **SMLR**) is a California-based medical technology company best known for QuantaFlo®, an FDA-cleared point-of-care test that helps clinicians detect peripheral arterial disease and assess cardiovascular risk. The company generates recurring revenue from device rentals and related services to U.S. health-care providers. ### Bitcoin Strategy & News * Adopted Bitcoin as its **primary treasury reserve asset in May 2024**, becoming the second U.S. public company to do so after MicroStrategy. * Initial buy (May 28 2024): **581 BTC** for ≈ $40 million. * Steady accumulation through 2024 via cash flow and at-the-market (ATM) equity offerings: * **Nov 22 2024:** 1,570 BTC acquired for $117.8 million (avg. cost $75,039/BTC). * Introduced “**BTC Yield**” KPI to measure accretiveness of its share issuances. * 2025 expansion financed with convertible notes and additional ATM sales: * **Jul 16 2025:** 4,846 BTC acquired for ~$455 million (avg. cost $93,890/BTC). * **Jul 23 2025:** 5,021 BTC held, worth ≈ $595 million at spot prices. * Public goal (June 2025): **≥ 10,000 BTC by year-end 2025**, 42,000 by 2026 and 105,000 by 2027. * Launched a **public Bitcoin dashboard** on its IR site to provide real-time updates on holdings, cost basis and BTC Yield. * Uses a mix of operational cash, equity issuance and debt to fund purchases, positioning itself as a “Bitcoin-operating company” while continuing core health-tech operations. ### Key Figures | Name | Role | Relevance to Bitcoin Strategy | |------|------|--------------------------------| | **Eric Semler** | Executive Chairman | Architect of the treasury shift; vocal advocate of BTC adoption. | | **Doug Murphy-Chutorian, M.D.** | Chief Executive Officer | Oversees operational execution and capital allocation. | | **Renae Cormier** | Chief Financial Officer | Manages ATM program, BTC accounting and reporting. | | **Joe Burnett** | Director of Bitcoin Strategy (appointed Jun 2025) | Leads accumulation targets, KPI design and investor communications. | | **Cantor Fitzgerald & Co.** | ATM Sales Agent | Executes equity sales that fund ongoing BTC purchases. |