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, completing a steady drawdown of the healthcare-data company’s cryptocurrency holdings.

The company’s quarterly report for the period ended June 30, 2026 also listed $358,000 of cash, $4.73 million of current liabilities and a warning that existing liquidity was insufficient to fund operations for the following 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 way to enhance “financial resilience.” That was a company announcement, not an audited period-end balance. 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 zero at June 30.

Its cash-flow record is separate from those point-in-time Bitcoin holdings. OneMedNet reported $969,000 of Bitcoin sale proceeds for all of 2024, then $5.07 million of sales and $2.75 million of purchases in 2025. It reported $419,000 of sale proceeds and no Bitcoin purchases in the first half of 2026.

By Dec. 31, 2025, reported holdings had already fallen to six BTC. Most of the Bitcoin treasury’s decline therefore predated the $419,000 of first-half 2026 proceeds, which covered only the final stage of the unwind rather than the approximately 34 BTC announced in 2024.

Management has said it routinely sells treasury Bitcoin to fund operations as needed. However, the filings do not trace particular sale proceeds to named operating expenses, leaving the destination of individual dollars unestablished.

The latest filing also does not go as far as to say that OneMedNet formally abandoned its Bitcoin strategy. It describes the 2026 sales as part of that strategy, even as its wording shifted from saying the company “has adopted” the policy in the first quarter to “previously adopted” in the second-quarter report. The policy’s current status is therefore unresolved after the balance 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 current assets against $4.73 million of current liabilities, a $3.41 million working-capital deficit. It used $3.42 million of cash in operations and posted a $4.63 million net loss during the first half.

The $358,000 cash balance was equivalent to about 19 days at the first-half average operating cash-use rate. That is backward-looking arithmetic, not management guidance or a runway forecast, and it excludes cash-flow timing, future burn changes and new financing. OneMedNet said the conditions raised substantial doubt about its ability to continue as a going concern.

Financing activities supplied a net $2.78 million during the first half. Shares outstanding rose from 51.8 million at Dec. 31 to 59.3 million by Aug. 11, an increase of about 14.5%.

After quarter-end, OneMedNet completed a related-party share issuance that raised $1 million in gross proceeds by selling 1.45 million shares at $0.69 each. Separately, on July 1, 2026, OneMedNet entered a Yorkville facility that would conditionally allow it to sell as much as $25 million of additional stock at 97% of a defined market price, subject to registration, ownership and issuance limits. That $25 million is potential capacity, not cash already received, and the resulting dilution cannot yet be quantified.

With the OneMedNet treasury exhausted and cash thin, the company said continued operations require additional external financing. Equity provides a disclosed route to that capital, but further stock sales would shift more of the liquidity burden to shareholders through dilution.