Medical Device Maker Semler Scientific Stock Rises 25% After $40M Bitcoin Investment

Semler Scientific (SMLR) disclosed the purchase of 581 bitcoins (BTC) for its treasury, sending its stock price higher by 25% in early U.S. trading hours Tuesday. The sub-$200 million market cap (prior to this morning's price rise) company held cash and cash equivalents of $62.9 million as of the end of the first quarter, according to its most recent earnings statement. According to this morning's press release, Semler purchased 581 bitcoins for $40 million, suggesting an average price of about $68,850 per token. Today's 25% gain has brought the stock to just a 2% decline on a year-over-year basis.

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