Semler Scientific Settles DOJ Investigation, Plans to Expand Bitcoin Holdings
Semler Scientific has made a settlement with the Department of Justice, agreeing to pay a $29.75 million fine and prepare for further Bitcoin acquisitions.
Semler Scientific, a healthcare technology firm and significant bitcoin holder, has reached a tentative agreement with the U.S. Department of Justice (DOJ). The company is prepared to pay a $29.75 million fine to resolve allegations of violations of federal anti-fraud laws concerning its QuantaFlo product marketing.
In a recent filing, Semler disclosed its intention to use its bitcoin holdings as collateral for a loan from Coinbase, facilitating the settlement payment. This comes after the company disclosed having received a civil investigative demand from the DOJ back in 2017, leading to various subpoenas and settlement discussions initiated in February.
The efforts to settle with the DOJ coincide with Semler’s strategy to raise additional funds for bitcoin purchases through a proposed $500 million mixed securities offering.
In anticipation of renewed bitcoin investments, Semler’s Chairman, Eric Semler, expressed enthusiasm on Twitter, stating he was “Excited to buy more bitcoin.”
Key Points:
- Semler Scientific reached a tentative DOJ settlement, agreeing to pay $29.75 million.
- The company will utilize bitcoin holdings as collateral for a loan from Coinbase.
- Semler plans to raise additional funds through a $500 million ATM mixed securities offering aimed mainly at bitcoin purchases.
