Semler Scientific, a medical technology company, announced that it bought 581 bitcoin for roughly $40 million. 

The company also adopted bitcoin as its primary treasury reserve asset. 

Semler is listed on Nasdaq under the ticker SMLR. The stock took off after the announcement, soaring over $25 at time of publication. 

“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, Semler Scientific’s Chairman, in a press release. 

The company, he added, believes that bitcoin can act as an inflation hedge and safe haven against global instability. 

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