Semler Scientific, a healthcare technology developer based in Santa Clara, has recently made a significant investment in Bitcoin. The company purchased an additional 247 BTC for $17 million in cash to protect against inflation risks as part of its long-term strategy.

This acquisition, as stated in a press release on Jun. 7, brings Semler Scientific’s total Bitcoin reserves to 828 BTC, acquired at a total cost of $57 million. CEO Doug Murphy-Chutorian expressed the company’s confidence in Bitcoin as both a valuable investment and a secure store of value.

In a similar move just a week prior, Semler Scientific acquired 581 BTC for $40 million, with an average purchase price of around $68,850 per coin. Chairman Eric Semler highlighted Bitcoin’s potential as a scarce asset that can act as a hedge against inflation and provide stability in times of global uncertainty.

With these recent purchases, Semler Scientific now ranks 20th among publicly traded companies holding Bitcoin on their balance sheets, according to BitcoinTreasuries.NET. The company surpasses Argo Blockchain, a crypto mining firm holding 11 BTC, but falls behind Chinese software company Meitu, which owns 940.9 BTC.

In another notable development, Stanford University’s Blyth Fund has also entered the Bitcoin market with a recent purchase.