OneMedNet’s bitcoin treasury shrank from about 34 BTC announced in late 2024 to zero on its June 30, 2026 balance sheet, capping a full drawdown that unfolded as the Nasdaq-listed medical data company confronted mounting liquidity stress and a going-concern warning.
Key Takeaways
- OneMedNet announced roughly 34 BTC in November 2024 and reported zero Bitcoin on its June 30, 2026 balance sheet.
- The treasury was fully depleted through staged sales, with $419,000 of Bitcoin proceeds booked in the first half of 2026 and no purchases.
- Management flagged substantial doubt about the company’s ability to continue as a going concern, with just $358,000 in cash against $4.726 million of current liabilities.
What Changed in OneMedNet’s Bitcoin Treasury
On November 12, 2024, OneMedNet said it had invested in approximately 34 Bitcoin as part of a treasury strategy pitched to shareholders as a way to protect the company’s finances. For related coverage, see Bitcoin slips as U.S. inflation misses, ETFs log August's first two-day drawdown.
By the quarter ended June 30, 2026, the company’s Form 10-Q listed “Investment in crypto assets – Bitcoin” as zero, marking a full drawdown from a positive balance to none. For related coverage, see Cboe Files 3x Leveraged ETFs for Bitcoin, Ether and Commodities.
The decline was gradual rather than a single sale. Audited figures in the company’s 2025 Form 10-K reported 31 BTC at December 31, 2024 and 6 BTC at December 31, 2025.
That same annual filing showed $4.148 million of Bitcoin dispositions against $2.750 million of Bitcoin additions during 2025, meaning the company was still buying even as the net position fell. In the first six months of 2026, OneMedNet recorded $419,000 of proceeds from Bitcoin sales and no purchases, exhausting what remained.
Why the Zero Balance Matters for Investors
A corporate bitcoin treasury signals direct exposure to BTC price swings, and a zero balance by June 30 removes that exposure entirely at the reporting date. The move mirrors pressures seen at other small-cap treasury holders, such as a public firm whose BERA treasury fell sharply and raised delisting risk.
The optics are stark against the balance sheet. OneMedNet reported $358,000 of cash and cash equivalents alongside $4.726 million of current liabilities, leaving obligations well above current assets.
Management said the roughly $0.4 million cash balance was not adequate to fund operations for at least the next 12 months and that substantial doubt existed about the company’s ability to continue as a going concern. That framing recasts the treasury narrative: what was marketed as financial protection is now absent as a buffer.
The distinction between treasury holdings and operations matters here. The zero Bitcoin balance changes the company’s crypto-related profile, but it does not by itself describe the underlying medical data business, which continues independently of any coin position. The situation echoes other thin-cash treasury disclosures, such as Sono Group’s Q2 report of $4.11M in Bitcoin against $166K in cash.
OneMedNet’s own words underscore how far the positioning has shifted. Chief executive Aaron Green, announcing the strategy in 2024, said the company aimed “to not only safeguard our financial stability” by investing a portion of assets into Bitcoin.
CryptoSlate has framed the episode as a company that sold every coin to stay afloat. That characterization goes beyond the filings: the 10-Q proves the sale proceeds and liquidity stress, but it does not trace specific Bitcoin-sale dollars to specific operating costs, so the direct-cause claim remains a single-source interpretation.
For broader context, Bitcoin traded at about $63,591 in the market snapshot accompanying this reporting, a level unrelated to OneMedNet’s now-empty position but relevant to how much a comparable holding might be worth today. Sentiment sat in “Fear” territory, with the Fear & Greed Index at 31.
What to Watch After June 30
June 30, 2026 is the latest balance reference point named in the filing, and future disclosures will determine whether the zero Bitcoin position persists or reverses. There is no indication in the current filing of renewed accumulation.
Investors monitoring the story should watch subsequent quarterly reports for any return to BTC purchases, updates on how the going-concern doubt is resolved, and any capital raises that could restore cash. The broader treasury-company cohort remains under scrutiny even as some large holders keep buying, with investors like Paul Tudor Jones adding spot Bitcoin ETF exposure through regulated vehicles rather than corporate balance sheets.
Confirmation of any strategy shift will come only through OneMedNet’s own filings, making the next 10-Q the key checkpoint for whether the treasury stays at zero.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
