Semler Scientific ignited a fresh salvo in the corporate scramble for scarce Bitcoin on Thursday, unveiling a three-year plan to expand its treasury from 4,449 BTC to an eye-popping 105,000 BTC and installing long-time analyst Joe Burnett as its inaugural director of Bitcoin strategy. The California-based healthcare-technology firm said it will seek to own at least 10,000 BTC by December 2025, 42,000 BTC by the end of 2026 and the full 105,000 BTC—worth roughly $11 billion at today’s prices—before 2028.
Bitcoin Corporate Accumulation War Heats Up
The escalation builds on a frenetic 13-month buying campaign that has left Semler holding 4,449 BTC accumulated at an average cost of $92,158 per coin. The company disclosed those figures in early June after purchasing an additional 185 BTC for $20 million through its at-the-market (ATM) share-sale program. News of the aggressive new targets sent SMLR shares 12 percent higher in early Friday trade, briefly reversing a bruising year-to-date slide that had left the stock down more than 50 percent.
“We are excited to have Joe join our Bitcoin strategy team and help drive our three-year plan to own 105,000 Bitcoins,” chairman Eric Semler said in the press statement. “Since adopting the Bitcoin Standard, we have achieved approximately 287 percent BTC yield and a $177 million unrealized gain through June 3.” Burnett, whose résumé spans market-research roles at Unchained and Blockware Solutions, framed the campaign in epochal terms: “We are witnessing the global monetization of Bitcoin as a superior form of money… Semler Scientific is determined to build one of the largest corporate Bitcoin treasuries in the world.”
Semler says it will finance the blitz with a blend of operating cash flow, fresh equity and convertible-debt issuance—a tactic honed over the past year via the $500 million ATM program that has already raised $136 million. That structure mirrors the playbook pioneered by Michael Saylor’s MicroStrategy, now renamed Strategy, whose 592,100-BTC trove remains the sector’s benchmark.
The arithmetic behind Semler’s goal is punishingly steep. At a constant BTC price of $105,000, acquiring 100,551 additional coins would require roughly $10.6 billion—equal to more than 200 times Semler’s trailing-twelve-month revenue.
According to Bitcoin Treasuries, 130 listed firms now sit on a combined 832,597 BTC, or 3.96 percent of the eventual 21-million-coin supply. In Japan, Metaplanet is chasing 210,000 BTC; in the United States, Block and Tesla have resumed steady accumulation. Semler’s 105,000-BTC ambition would catapult it from its current 14th position to the second-largest corporate holder of BTC.
At press time, BTC traded at $104,326.
Featured image created with DALL.E, chart from TradingView.com
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