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

OneMedNet
(ONMD)
late
last
month
raised
$4.6
million
in
a
private
placement
and
used
$1.8
million
of
the
proceeds
to
purchase
bitcoin

(BTC),

according
to
a
press
release.

Among
the
investors
was
Off
The
Chain
Capital,
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
ONMD.

OneMedNet
has
seen
its
stock
price
fall
more
than
90%
since
it
came
public
via
a
SPAC
deal
late
last
year.

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

Dixon
believes
that
it
is
crucial
for
public
companies
to
reinvest
some
of
their
cash
into
bitcoin,
rather
than
real
estate,
stocks
or
bonds,
in
order
to
add
the
most
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
said.

In
this,
Off
the
Chain
and
OneMedNet
is
making
a
similar
argument
to
that
of
Michael
Saylor,
whose
MicroStrategy
(MSTR)
has
seen
its
stock
price
outperform
the
return
of
bitcoin
since
the
company
began
adding
the
crypto
to
its
balance
sheet
in
August
2020.