Semler Scientific (NASDAQ:SMLR) witnessed a remarkable 25% increase in its stock price during early U.S. trading hours on Tuesday following its announcement of purchasing 581 Bitcoin (available on Coinbase)s for its treasury.

Before the surge, the company boasted a market capitalization of under $200 million. In its most recent earnings statement, Semler revealed holding cash and cash equivalents amounting to $62.9 million at the end of the first quarter. The company reported first-quarter revenue of $15.9 million, with operating cash flow standing at $6.1 million.

According to a press release issued this morning, Semler acquired 581 Bitcoin (available on Coinbase)s for $40 million, implying an average price of approximately $68,850 per token.

Eric Semler, the company’s Chairman, highlighted Bitcoin (available on Coinbase)’s emergence as a significant asset class, boasting a market value exceeding $1 trillion. He emphasized Bitcoin (available on Coinbase)’s unique attributes as a scarce and finite asset, capable of serving as a viable hedge against inflation and a haven amidst global uncertainty. Additionally, Semler expressed a preference for Bitcoin (available on Coinbase) over gold, citing Bitcoin (available on Coinbase)’s digital resilience compared to the traditional precious metal.

Despite today’s impressive gain, Semler’s stock remains just 2% lower on a year-over-year basis.

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