Medical Data Company OneMedNet to Adopt Bitcoin Treasury Strategy After Capital Raise

OneMedNet (ONMD) raised $4.6 million late last month and used $1.8 million of the proceeds to purchase bitcoin (BTC), according to a press release.

Investors include Bloq President Matthew Roszak, Fortress founder Rob Kauffman, and crypto investment fund Off The Chain Capital.

OneMedNet has seen its stock price drop more than 90% since going public in a SPAC deal late last year.

“If everything goes as we hope, our stock could outperform bitcoin,” said Brian Dixon, CEO of Off The Chain Capital. “As an investor, we try to follow these types of value opportunities and work really hard to outperform bitcoin.”

Dixon believes it is crucial for public companies to reinvest some of their cash into bitcoin rather than real estate, stocks or bonds.

Off the Chain and OneMedNet present a similar argument to Michael Saylor’s, noting that MicroStrategy (MSTR)’s stock price has outperformed bitcoin’s return since it began adding crypto to its balance sheet in August 2020.

US-listed Semler Scientific and Japan’s Metaplanet are among other public companies pursuing similar strategies.