Healthcare technology and medical device company Semler Scientific saw its shares skyrocket by 27% after announcing its strategic decision to purchase bitcoin with its cash reserves. The company's stock, which closed at $23.32 per share on Friday, surged to a high of $29.50 per share on Tuesday following the news.

In a statement released on Tuesday, Semler Scientific revealed that its board of directors had "adopted bitcoin as its primary treasury reserve asset" and had purchased 581 bitcoins for a total of $40 million, inclusive of fees and expenses.

This bold move underscores the company's confidence in bitcoin's potential as a stable store of value. "Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment," said Eric Semler, Chairman of Semler Scientific. He further highlighted bitcoin's unique properties as a scarce and finite asset, which he believes makes it a reasonable hedge against inflation and a safe haven amid global economic instability.

Following the announcement, Semler Scientific's market capitalization reached approximately $200 million. The company's stock was trading at around $29.21 at the time of publication, up 25.2% for the day, according to Yahoo Finance.

Semler Scientific emphasized that it continues to generate revenues and accumulate cash reserves, with bitcoin now serving as its principal treasury holding. This approach mirrors the strategy employed by MicroStrategy, the business intelligence firm led by Michael Saylor, which began investing its excess cash in bitcoin in 2020 as a hedge against inflation.

The significant rise in Semler Scientific's stock price highlights the market's positive reception of its bitcoin acquisition strategy, positioning the company as a notable player in the intersection of healthcare technology and cryptocurrency investment.