Healthcare tech company shares surge 27% after announcing plans to buy bitcoin with cash reserves

Medical device maker and healthcare technology company Semler Scientific announced Tuesday it plans to buy bitcoin with its cash reserves and, almost immediately, the company's shares rose by as much as 27%.

After closing at $23.32 per share on Friday , Semler Scientific's stock shot up 27% on Tuesday, at one point changing hands at $29.50 a share, according to Yahoo Finance. That would put the market capitalization of all of Semler Scietific's shares was worth a little more than $200 million at the time of publication.

The company said it continues to generate revenues and accumulate cash reserves, and bitcoin will serve as Semler Scientific's "principal treasury holding on an ongoing basis."

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