Nasdaq healthcare company promised Bitcoin would safeguard its future – then sold every coin to stay afloat
The OneMedNet treasury’s Bitcoin holdings reached zero at June 30, 2026, finishing a gentle drawdown of the healthcare-data company’s cryptocurrency holdings.
The company’s quarterly report for the interval ended June 30, 2026 additionally listed $358,000 of money, $4.73 million of present liabilities and a warning that present liquidity was inadequate to fund operations for the next 12 months.
OneMedNet treasury holdings declined over three years
For context, OneMedNet announced that it had invested in approximately 34 BTC on Nov. 12, 2024, calling the allocation a means to improve “monetary resilience.” That was a company announcement, not an audited period-end steadiness. OneMedNet subsequently reported 31 BTC at Dec. 31, 2024, 15 at June 30, 2025, six at Dec. 31, 2025, one at March 31, 2026, and nil at June 30.
Its cash-flow document is separate from these point-in-time Bitcoin holdings. OneMedNet reported $969,000 of Bitcoin sale proceeds for all of 2024, then $5.07 million of gross sales and $2.75 million of purchases in 2025. It reported $419,000 of sale proceeds and no Bitcoin purchases within the first half of 2026.
By Dec. 31, 2025, reported holdings had already fallen to six BTC. Most of the Bitcoin treasury’s decline subsequently predated the $419,000 of first-half 2026 proceeds, which coated solely the ultimate stage of the unwind relatively than the roughly 34 BTC introduced in 2024.
Management has mentioned it routinely sells treasury Bitcoin to fund operations as wanted. However, the filings don’t hint specific sale proceeds to named working bills, leaving the vacation spot of particular person {dollars} unestablished.
The newest submitting additionally doesn’t go so far as to say that OneMedNet formally deserted its Bitcoin technique. It describes the 2026 gross sales as a part of that technique, whilst its wording shifted from saying the company “has adopted” the coverage within the first quarter to “beforehand adopted” within the second-quarter report. The coverage’s present standing is subsequently unresolved after the steadiness reached zero.
Equity now carries the liquidity burden
At June 30, after the OneMedNet treasury’s Bitcoin holdings reached zero, the company reported $1.31 million of present property in opposition to $4.73 million of present liabilities, a $3.41 million working-capital deficit. It used $3.42 million of money in operations and posted a $4.63 million internet loss throughout the first half.
The $358,000 money steadiness was equal to about 19 days on the first-half common working cash-use price. That is backward-looking arithmetic, not administration steerage or a runway forecast, and it excludes cash-flow timing, future burn adjustments and new financing. OneMedNet mentioned the situations raised substantial doubt about its means to proceed as a going concern.
Financing actions provided a internet $2.78 million throughout the first half. Shares excellent rose from 51.8 million at Dec. 31 to 59.3 million by Aug. 11, a rise of about 14.5%.
After quarter-end, OneMedNet accomplished a related-party share issuance that raised $1 million in gross proceeds by promoting 1.45 million shares at $0.69 every. Separately, on July 1, 2026, OneMedNet entered a Yorkville facility that would conditionally enable it to promote as a lot as $25 million of further inventory at 97% of an outlined market value, topic to registration, possession and issuance limits. That $25 million is potential capability, not money already obtained, and the ensuing dilution can’t but be quantified.
With the OneMedNet treasury exhausted and money skinny, the company mentioned continued operations require further exterior financing. Equity offers a disclosed route to that capital, however additional inventory gross sales would shift extra of the liquidity burden to shareholders by way of dilution.
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