[Digital Today reporter Jinju Hong] Nasdaq-listed healthcare data company OneMedNet has disposed of all of its bitcoin holdings as of end-June.

On Aug. 17 local time, blockchain media outlet CryptoSlate reported that OneMedNet said in its quarterly report for the period ended June 30 that its bitcoin holdings fell to 0 BTC.

The issue is worsening liquidity rather than a declaration ending its bitcoin strategy. In the same report, OneMedNet recorded $358,000 in cash and $4.73 million in current liabilities, and warned that its current liquidity is not sufficient to fund operations for the next 12 months. The company said these conditions raise substantial doubt about its ability to continue as a going concern.

OneMedNet disclosed in November 2024 that it had invested about 34 BTC and described it as an allocation to increase financial resilience. At the time, the company said adding bitcoin was a means to strengthen "financial resilience". Holdings then fell to 31 BTC at end-2024, 15 BTC at end-June 2025, 6 BTC at end-2025 and 1 BTC at end-March 2026, before reaching 0 BTC at end-June 2026.

Sales continued in cash flow terms. OneMedNet recorded $969,000 in bitcoin sale proceeds during 2024. In 2025, it reported $5.07 million in sales and $2.75 million in purchases. In the first half of 2026, it recorded $419,000 in bitcoin sale proceeds and made no new purchases. With holdings already down to 6 BTC at end-2025, the first-half sales this year correspond to the final stage of the downsizing that began in 2024.

The company said it has raised operating funds by selling treasury bitcoin when needed. The report, however, did not link individual sale proceeds to specific operating expenses. The second-quarter report also did not state that it had formally withdrawn its bitcoin strategy. It said in the first quarter this year that the company had adopted the policy, but in the second quarter the wording changed to say it had previously adopted it. Even after holdings fell to zero, the current status of the policy was not clearly set out.

Financial strain increased. As of June 30, OneMedNet had $1.31 million in current assets and $4.73 million in current liabilities, resulting in a working capital deficit of $3.41 million. The company used $3.42 million in cash from operating activities in the first half and recorded a net loss of $4.63 million. Cash of $358,000 was about 19 days' worth based on the average cash burn rate in the first half. That figure, however, is a simple calculation applying past burn rates and is not an official operating runway forecast provided by the company.

In this situation, OneMedNet is relying more on external financing. It raised net $2.78 million through financing activities in the first half, and its shares outstanding increased about 14.5 percent to 59.3 million as of Aug. 11 from 51.8 million at end-2025. After the quarter ended, it raised $1.0 million by selling 1.45 million shares to related parties at $0.69 per share.

It also left room for additional share issuance. OneMedNet said it signed an agreement with Yorkville on July 1 that, if conditions such as registration and limits on holdings and issuance are met, would allow it to sell up to $25.0 million of shares at about 97 percent of the prevailing market price. The $25.0 million is not cash received but a potential fundraising limit. As a result, the actual dilution is also not yet determined.

After exhausting its bitcoin holdings, OneMedNet said it will need additional external fundraising to support future operations. As a result, the company’s liquidity burden is shifting away from a bitcoin treasury strategy toward a financing structure based on share issuance.