Medical Data Company OneMedNet Latest to Pursue Bitcoin Treasury Strategy After Capital Raise

Crypto investment fund Off the Chain Capital Management was among the investors in a private placement that funded the bitcoin purchase.

Medical data company OneMedNet (ONMD) has become the latest to adopt a pro-bitcoin treasury strategy following a capital raise.

Crypto investment fund Off the Chain disclosed its involvement in the biomedical firm's private placement, which ultimately funded the bitcoin purchase.

Medical Data Firm OneMedNet Buys Bitcoin With Part of $4.6M Capital Raise

OneMedNet raised $4.6 million in a private placement last month, using $1.8 million to buy bitcoin (BTC), a press release stated.

Among the investors was Off The Chain, a crypto investment fund with ties to Bloq Chairman Matthew Roszak and Fortress founder Rob Kauffman, which purchased a combination of shares and warrants in the biomedical firm.

OneMedNet’s stock price has fallen more than 90% since it went public through a SPAC deal late last year.

“It's an opportunity that if it works correctly, it can outpace bitcoin's performance,” Off The Chain CEO Brian Dixon told CoinDesk in an interview. "From our goal as an investor, we're looking for these discount or value opportunities and we work really hard to try to outpace bitcoin."

According to Dixon, it is critical for public companies to allocate some of their cash to bitcoin, as opposed to real estate, stocks or bonds, to maximize shareholder value.

“I think more and more public companies are going to wake up to the fact that if you don't have bitcoin on your balance sheet, you're not being intelligent as a fiduciary to that additional cash flow you have in terms of where you allocate this part of your treasury reserve strategy," he added.

In this regard, Off the Chain and OneMedNet appear to be making a similar argument to Michael Saylor, whose company MicroStrategy (MIST) has seen its stock price outpace the return of bitcoin since it began adding the cryptocurrency to its balance sheet in August 2020.

Semler Scientific, a U.S.-listed company, and Metaplanet, a Japanese firm, are among the other publicly traded companies pursuing similar strategies.

Now read this: Metaplanet secures loan to buy $6.8M in BTC

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EDITED BY

Helene Braun is a markets reporter at CoinDesk, covering Wall Street, the launch of the spot bitcoin ETFs and crypto exchanges. She also co-hosts CoinDesk’s Markets Daily show. Braun is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She also holds BTC and ETH.

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