Shares of Semler Scientific (SMLR) rose 14% on Friday, defying a broader market downturn, after the company announced significant steps to expand its Bitcoin holdings and strengthen its crypto strategy team.
Late Thursday, Semler revealed it has appointed Joe Burnett as its new Director of Bitcoin Strategy. The company also unveiled plans to dramatically scale up its Bitcoin reserves — from 4,449 BTC today (worth about $462 million) to 10,000 BTC by the end of 2025, 42,000 BTC by the end of 2026, and an ambitious 105,000 BTC by the close of 2027.
“We are excited to have Joe join our Bitcoin strategy team and help drive our three-year plan to own 105,000 Bitcoins,” said Chairman Eric Semler. “Joe is an analytical thought leader on Bitcoin and Bitcoin treasury companies. His expertise will be instrumental as we pursue our Bitcoin treasury strategy and aim to deliver long-term value to our stockholders.”
Burnett is recognized as a prominent voice in the Bitcoin space, having spent over seven years publicly advocating for the cryptocurrency as “the world’s most advanced form of monetary technology.” Before joining Semler, he served as Director of Market Research at Unchained, a Bitcoin-focused financial services firm.
Investors responded positively, pushing Semler’s shares higher even as Bitcoin prices slipped below $104,000, putting pressure on many other crypto-related stocks.
Despite Friday’s rally, Semler’s stock remains down about 33% year-to-date and more than 50% below its 2025 highs above $80. This significant pullback has left the company’s market capitalization hovering close to, or even beneath, the value of its current Bitcoin holdings, potentially constraining its ability to raise equity capital for additional BTC acquisitions.
Given its ambitious plans, Semler may explore alternative financing options, possibly following the path of firms like MicroStrategy by tapping the preferred share market to fund further Bitcoin purchases.
