News Headlines
Price Action
It has been a rocky few weeks for broader markets as uncertainty rises over the U.S. involvement in the Middle East. Bitcoin hasn’t escaped the market panic, and over the past 24hrs price dropped back below $100,000 albeit briefly.
Figure 1: BTC drops back down towards $100,000.
BTC is now only a few thousand dollars above its 200DMA, which is currently at $96,000. We will have to wait and see whether BTC continues to retrace towards it, or whether it can rally from here. If it does drop down towards it we would expect the 200DMA to act as a good level of support.
While the recent price action may feel a little disheartening, it is always worth zooming out with Bitcoin. When we do and look over the past 3 months, BTC is still up +17.69% and sitting above $100,000.
Figure 2: BTC past 3 months performance.
The Big Story: Semler Stepping Up?
Semler Scientific’s stock finally caught a break on Friday, leaping about 14% even as the broader market drifted lower. The bounce followed a pair of late-Thursday announcements that broadened the company’s Bitcoin ambitions.
Semler is a medical-device maker that has also begun to operate an active Bitcoin treasury company. Despite this pivot, which has seen stocks for many other companies soar, Semler’s stock has struggled to date.
Announcements
First, the California company unveiled the new post of Director of Bitcoin Strategy and tapped seasoned analyst Joe Burnett to fill it.
Management also laid out an aggressive roadmap: to boost its stash to at least 10,000 bitcoin by the end of 2025, 42,000 by late 2026 and 105,000 coins before 2027 closes.
Semler already holds 4,449 bitcoin, roughly $462 million at today’s prices, after adopting Bitcoin as its primary treasury reserve last year.
Figure 3: Semler Scientific has one of the largest public company bitcoin treasuries.
Investors cheered the bigger target, and sent the stock jumping up +14% while the rest of the market lagged.
Figure 4: Semler Scientific stock price.
Despite Friday’s jump, SMLR shares remain about 33% lower for 2025 and more than 50% off their February peak above $80, leaving the company’s market cap not far from the value of its coin pile.
The aim is that Burnett brings deep bitcoin credentials: he ran market research at Unchained and previously served as lead analyst at Blockware Solutions, roles in which he argued that bitcoin is “the world’s most advanced monetary technology.”
Chairman Eric Semler called the hire “vital” to a three-year push toward the 105,000 bitcoin mark and said Burnett’s analytical bent should help create lasting value for shareholders.
Funding that war chest may require creativity. The company already has a $500 million shelf registration in place, giving it the option to sell stock or issue debt, a page straight out of MicroStrategy’s playbook.
For now, the combination of a seasoned strategist and a clear accumulation timetable has rekindled optimism in a stock that had trailed both bitcoin and higher-profile corporate adopters.
Chart of the week - Bitcoin Profitable Days
Figure 5: Profitable Days
What it is
- This chart shows the number of days where holding Bitcoin has been profitable relative to today’s price.
- It highlights the aggressive growth of Bitcoin's adoption curve over time, reflected in its price. Because supply is limited, as demand grows, the price moves up.
Why this matters
- This chart acts as a helpful reminder to Bitcoin investors to zoom out.
- Particularly during periods when Bitcoin’s price action is sluggish and has retraced from recent highs…as we are seeing right now.
- It shows how the patient investor can benefit from Bitcoin’s adoption process over time.
What’s happening now
- Currently, 98.7% of Bitcoin days are profitable relative to today’s price.
- That is 5,354 days out of a total of 5,424.
- The red lines on the chart show the days when it would not have been profitable to have bought bitcoin relative to today’s price. The green lines show when it would have been profitable.
You can track this metric here.
Speak again soon,
The Bitcoin Magazine Pro Team.