Semler Scientific outpaces Bitcoin giants with 22.2% YTD BTC yield despite Q1 loss
Semler Scientific posted a 22.2% year-to-date Bitcoin yield in the first quarter of this year, outperforming major corporate BTC holders like Strategy and Riot Platforms.
In its Q1 2025 earnings report released May 13, Semler Scientific, a publicly traded medical device firm that holds BTC on its balance sheet, reported a 22.2% Bitcoin (BTC) yield year-to-date, driven by realized and unrealized gains on its Bitcoin treasury strategy. In terms of dollar gains, Semler saw a $41.6 million BTC gain in Q1, which increased to $52 million by May 12.
The company reported purchasing 894 BTC during Q1 at a total cost of $90.7 million, bringing its total Bitcoin holdings to 3,192 BTC as of March 31, with a fair value of $263.5 million. However, this value reflected a cumulative decrease of $16.9 million in fair value. Subsequently, through May 12, Semler acquired an additional 616 BTC for $59.6 million, increasing its total holdings to 3,808 BTC, which now holds a fair value of $387.9 million and a total cost basis of $340 million.
Beyond Bitcoin, the company posted $8.8 million in Q1 revenue, down 44% year-over-year. Operating expenses surged to $39.9 million, including a $29.8 million contingent liability tied to a potential DOJ settlement. The result was a net loss of $64.7 million, or $6.74 per share, compared to net income of $6.1 million a year ago.
While Semler’s BTC holdings remain modest compared to other publicly traded companies with Bitcoin treasuries, its 22.2% BTC yield year-to-date places it ahead of Bitcoin-holding behemoths Strategy and Riot Platforms.
Strategy, the largest corporate holder with 553,555 BTC, reported a 13.7% BTC yield as of April 28, translating to a $5.8 billion gain year-to-date. That puts it at 58% of its revised full-year BTC dollar gain target of $15 billion. Despite the strong crypto performance, fair value accounting rules drove a GAAP net loss of over $4.2 billion in Q1.
Riot Platforms, which held 19,223 BTC as of March 31, reported a year-to-date BTC yield of 7.7%. Despite producing 1,530 BTC in the first quarter, Riot’s profitability was pressured by a sharp increase in average Bitcoin mining cost to $43,808 per BTC, driven by the April 2024 halving and increased global hash rate competition.
MARA, the second largest corporate holder of Bitcoin, has not disclosed an explicit Bitcoin yield percentage for the first quarter of this year, but its substantial increase in holdings—from 17,320 BTC in Q1 2024 to 47,531 BTC in Q1 2025, a 174% year-over-year jump—suggests aggressive accumulation and operational scale-up.
