- MicroStrategy acquired 1,895 BTC for $180M and activated a $21B ATM stock program to expand its bitcoin treasury reserves.
- Semler Scientific grew its BTC holdings to 3,634 coins by issuing equity, positioning itself as a top U.S. bitcoin treasury firm.
- BTC Yield emerges as a critical performance metric as firms measure crypto accumulation against share dilution across treasury strategies.
MicroStrategy and Semler Scientific aggressively expanded their bitcoin holdings in early May, deploying capital from equity sales to strengthen their positions. These strategic purchases reinforce the growing trend of U.S. public companies using BTC as a treasury reserve asset amid accelerating institutional crypto adoption.
MicroStrategy Adds 1,895 BTC, Activates $21B ATM Program
MicroStrategy purchased 1,895 bitcoins between April 28 and May 4, 2025, for a total of $180.3 million. The average purchase price was $95,167 per BTC, boosting its total holdings to 555,450 BTC. According to a post by Michael Saylor, the company’s aggregate investment now stands at $38.08 billion, with an average price of $68,550 per bitcoin.
MicroStrategy’s equity programs funded this aggressive bitcoin acquisition, including the 2024 Common ATM and the new 2025 Common ATM, which authorizes up to $21 billion in MSTR stock issuances. The company also sold STRK preferred shares under its separate $21 billion STRK ATM program, signaling a bold capital deployment strategy centered around bitcoin.
Semler Scientific Increases Exposure, Buys 167 BTC
Semler Scientific purchased 167 bitcoins between April 30 and May 2, investing $16.2 million from its Controlled Equity OfferingSM program. The coins were bought at an average of $97,093, bringing total BTC holdings to 3,634 bitcoins valued at over $352 million. The company’s average acquisition cost is now $88,668 per BTC.
The ATM agreement announced April 15 enables Semler to issue up to $500 million in stock via Barclays, Cantor Fitzgerald, and others. Erik Semler said this strategy gives the firm “flexibility to accumulate bitcoin” while keeping balance sheet leverage low. The BTC is secured with institutional-grade custody partners, strengthening its position as a bitcoin treasury leader.
BTC Yield: A Powerful Metric Driving Institutional Focus
MicroStrategy reported a BTC Yield of 14.0% year-to-date, a proprietary metric tracking bitcoin holdings relative to diluted shares. This yield metric is now central to investor analysis, highlighting how capital raises are impacting digital asset accumulation per share.
Semler Scientific’s BTC Yield hit 22.2% YTD, reflecting aggressive growth in BTC relative to share dilution. This performance ratio has become a powerful tool for evaluating crypto-driven corporate strategies, placing bitcoin treasury management, shareholder value, and digital asset exposure at the core of financial performance discussions.
