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Semler Scientific Agrees to Pay $29.75 Million DOJ Settlement Using Bitcoin Holdings
Semler Scientific has reached a preliminary agreement to pay a staggering $29.75 million settlement with the U.S. Department of Justice (DOJ) in connection with alleged anti-fraud violations related to its QuantaFlo product. The company plans to fund this massive settlement using its existing Bitcoin holdings.
The proposed settlement stems from allegations that Semler’s marketing strategies for QuantaFlo may have misrepresented the product’s capabilities or compliance with regulatory standards. While specific details of the alleged violations have not been publicly disclosed, the investigation led to multiple subpoenas and extensive cooperation from Semler over several years.
In a surprising move, Semler has decided to use its Bitcoin stash to pay the settlement fee. To further support this effort and expand its Bitcoin investment strategy, the company is seeking to raise up to $500 million through a securities offering. This significant funding will not only settle the DOJ claim but also bolster its Bitcoin reserves.
Despite facing an unrealized loss of 5% on its cryptocurrency investments, Semler remains committed to Bitcoin as a long-term store of value. The company has previously acquired a substantial 3,192 BTC, which accounts for approximately 80.6% of its total market capitalization.
Semler’s commitment to Bitcoin stands firm in the face of legal challenges and market volatility, demonstrating the company’s confidence in the cryptocurrency’s potential for long-term growth. As Semler navigates regulatory compliance and financial strategy complexities, its actions will be closely monitored by investors and industry observers alike.
It is worth noting that the company plans to allocate a substantial portion of the raised funds towards expanding its Bitcoin portfolio, signaling a continued focus on cryptocurrency investments. This bold move highlights Semler’s conviction in the potential of Bitcoin as a viable investment option, despite recent market fluctuations.
Source: https://fullycrypto.com/semler-scientific-to-fund-30-million-doj-settlement-with-bitcoin?utm_source=rss&utm_medium=rss&utm_campaign=semler-scientific-to-fund-30-million-doj-settlement-with-bitcoin
