Semler Scientific is doubling down on its Bitcoin (BTC) play. The healthcare company CEO, Eric Semler, just announced an acquisition of another 111 BTC for $10 million, bringing total holdings to 3,303 BTC. It is the latest move in a strategy that has become as much about capital allocation as it is about chronic care technology.

The accumulation by Semler Scientific, made between February and April, came at an average price of $90,124 per BTC - just above the company's overall average of $87,929. The purchase was funded through a mix of ATM equity proceeds and existing cash. As of April 24, this Bitcoin stash is worth around $309 million.

The timing is interesting here too. The latest purchase came just one day after a Bitcoin strategy event attended by both Semler and MicroStrategy’s Michael Saylor, whose influence on this playbook is no secret.

But raw holdings are not the only metric Semler wants you to see. Enter BTC Yield, a homegrown KPI the company is now using to track how Bitcoin accumulation stacks up against share dilution.

As of now, BTC Yield sits at 23.5% year-to-date. It is not yield in the traditional finance sense, but it does offer a signal: more Bitcoin per assumed diluted share and, in theory, more value per shareholder - if you buy the thesis.

This metric comes with caveats. It is not a performance measure, it is not GAAP and it does not reflect operational results. Still, it gives a window into how Semler thinks about using equity capital to back a long-term Bitcoin strategy.