- Semler Scientific now holds 3,467 BTC after buying 165 more with equity raise funds, reporting a 23.8% BTC yield YTD.
- BTC Yield measures how the bitcoin per diluted share changes over time, offering insight into equity dilution versus asset growth.
- The $19.5M raised from Semler’s equity offering directly funded bitcoin buys, aligning with its bitcoin-first treasury pivot.
According to a post by Eric Semler on X, Semler Scientific has acquired 165 bitcoins for $15.7 million between April 25 and 29. This purchase, funded through its at-the-market equity offering, brings its total bitcoin holdings to 3,467 BTC. The firm now reports a year-to-date BTC yield of 23.8%, reinforcing its treasury strategy.
Based on a Coinbase exchange rate as of April 29, 2025, the market value of Semler’s bitcoin position stands at $330.6 million. The average purchase price across all holdings is $88,263 per BTC, inclusive of all associated costs. These assets are custodied securely and represent the company’s pivot to a bitcoin-centric balance sheet.
BTC Yield Framework and Strategic Treasury Plans
The announcement details how Semler Scientific calculates BTC Yield as a key performance indicator for measuring capital deployment effectiveness. The metric tracks the ratio change between BTC holdings and assumed diluted shares outstanding over defined periods. It excludes factors like vesting conditions and exercise prices for options.
Moreover, Semler clarified that the metric is not a financial return or income measure but an operational benchmark tied strictly to bitcoin acquisition. The firm uses proceeds from equity, debt instruments, and operating cash flows to build its BTC exposure. BTC Yield helps gauge whether equity dilution leads to net asset accretion.
ATM Equity Offering and Share Dynamics
Under a Controlled Equity Offering℠ agreement initiated April 15, the company can issue up to $500 million in common stock. From April 25 to 29 alone, it raised $19.5 million net by selling 559,000 shares, using these proceeds to fund bitcoin purchases. The capital raise was managed by Barclays, Cantor Fitzgerald, and others.
Besides common shares, Semler’s share count includes convertible notes with capped calls and employee stock options, pushing assumed diluted shares to 12.5 million. This expanding base plays directly into the BTC Yield calculation, influencing how shareholders evaluate dilution versus asset growth. The firm maintains that its strategy is accretive despite market volatility.
