Semler Scientific, a med tech stock, follows MicroStrategy's lead and invests in bitcoin, resulting in a 30% increase in stock value.

A lesser-known medical technology company experienced a rise in its shares on Tuesday following its announcement that it has adopted Bitcoin as its primary treasury reserve asset, mimicking MicroStrategy's approach.

The company that produces products for detecting peripheral arterial disease also revealed a purchase of 581 bitcoins for approximately $40 million, including fees and expenses.

While the stock soared 30% Tuesday, bitcoin traded lower by about 2%, according to Coin Metrics. Semler, with a market capitalization of about $210 million, has declined more than 30% this year.

According to Eric Semler, chairman of Semler, the bitcoin treasury strategy and purchase of bitcoin demonstrate the company's conviction that bitcoin is a dependable store of value and a captivating investment.

"As a rare and limited asset, we believe that Bitcoin has the potential to provide a stable and secure investment option during global uncertainty, while also generating significant returns due to its growing acceptance as a digital form of gold."

Semler's move aligns him with a company that has been aggressively buying bitcoin since 2020 and has primarily traded as a proxy for the crypto's price, resulting in a 163% increase in stock value this year.

In February, MicroStrategy announced that it would shift its company focus and brand to bitcoin development.

Semler stated on Tuesday that the company will prioritize its core medical offerings and assess the utilization of its excess cash as it generates revenue and cash flow from blood flow test sales.

Some companies, including and , maintain a certain amount of bitcoin on their balance sheets.

The cryptocurrency Bitcoin has experienced a 60% increase in value this year and is currently trading close to its all-time high. While some view the investment of big-name funds as a sign of institutional adoption, many believe that the adoption by corporate treasuries is a more reliable indicator of intuitional acceptance.

Despite regulatory uncertainty and ESG considerations, the trend has not yet gained significant momentum.