Company held 3,182 BTC worth $263.5 million.
Corporate BTC holdings rose 16.1% to 688,000 BTC.
Semler plans a $500 million securities offering.
Semler Scientific has reported a $41.8 million unrealised loss on its Bitcoin holdings in the first quarter of 2025, underscoring the risks of crypto exposure among corporates.
The healthcare technology firm disclosed the loss in an April 15 filing with the US Securities and Exchange Commission (SEC), citing a decline in the fair value of its Bitcoin portfolio between 31 December and 31 March.
Bitcoin drops 12% in Q1
Bitcoin’s price declined by 12% during the quarter, falling from $93,500 to $82,350. That drop led to a sharp markdown in Semler’s crypto holdings, which stood at 3,182 BTC, valued at $263.5 million as of March 31.
The situation worsened in early April, with Bitcoin sliding below $75,000—a 32% correction from its all-time high.
Despite this, the company has not altered its crypto strategy. CEO Doug Murphy-Chutorian had earlier noted Semler’s dual focus on healthcare innovation and Bitcoin acquisition, a stance that remains unchanged in light of the recent downturn.
Corporate Bitcoin holdings rise 16%
While Semler faced paper losses, public companies overall expanded their Bitcoin exposure.
Data from Bitwise shows that listed firms added 95,431 BTC in Q1 2025—a 16.1% increase from the previous quarter.
By March-end, these holdings totalled 688,000 BTC, with a combined valuation of $56.7 billion based on the quarter’s closing price of $82,445 per Bitcoin.
According to blockchain tracker Bitbo, Semler is now the twelfth-largest corporate holder of Bitcoin, surpassing companies such as Boyaa Interactive.
The trend highlights sustained institutional demand, even amid market volatility.
Revenue and legal settlement update
Semler’s quarterly revenue was estimated between $8.8 million and $8.9 million, with operating losses projected between $1.3 million and $1.5 million.
The company also reported $10 million in cash and equivalents as of March 31.
Along with this, Semler disclosed a preliminary agreement to settle a civil investigation by the Department of Justice for close to $30 million. The filing did not specify the nature of the probe.
$500M securities offering planned
Semler also filed plans to raise up to $500 million through securities offerings, with part of the proceeds potentially going towards further Bitcoin acquisitions.
The company stated it may offer and sell securities “from time to time… up to an aggregate value of $500,000,000.”
Shares of Semler, listed on Nasdaq under the ticker SMLR, are down 36% so far in 2025.
The company acknowledged recent price swings and warned of continued volatility ahead, although it has not indicated any change to its digital asset strategy.
At the same time, interest in Bitcoin at the policy level continues to build in the US.
Data from Bitcoin Law indicates that 47 Bitcoin-related bills have been introduced across 26 states, with 41 still active.
On April 5, Kentucky became the latest to adopt digital asset protections with the passage of House Bill 701—the “Bitcoin Rights” law—under Governor Andy Beshear.
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