OneMedNet's bitcoin treasury has fallen from roughly 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 — which curates de-identified imaging real-world data for clinical research under the ticker ONMD — confronted mounting liquidity stress and a going-concern warning.

Filings show the treasury was depleted through staged sales rather than a single disposal, with $419,000 of Bitcoin proceeds booked in the first half of 2026 and no offsetting purchases. Management, meanwhile, disclosed just $358,000 of cash against $4.726 million of current liabilities and flagged substantial doubt about the company's ability to continue as a going concern.

What changed in OneMedNet's bitcoin treasury

On November 12, 2024, OneMedNet announced that 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. The move placed OneMedNet within a wave of corporate bitcoin adoption popularized by Strategy, formerly MicroStrategy, which began converting corporate cash into bitcoin in 2020 and prompted dozens of public companies — many of them small caps — to copy the treasury playbook.

By the quarter ended June 30, 2026, the line item "Investment in crypto assets – Bitcoin" in the company's Form 10-Q was listed as zero, marking a full drawdown from a positive balance to none at the reporting date.

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 its net position fell. In the first six months of 2026, OneMedNet recorded $419,000 of proceeds from Bitcoin sales and made 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 as of June 30 removes that exposure entirely at the reporting date. Under the FASB's fair-value accounting standard for crypto assets, effective for fiscal years beginning after December 2024, those swings flow directly through reported earnings, so an empty treasury also removes a source of reported volatility. 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 $4.11 million in Bitcoin against $166,000 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 documents the sale proceeds and the 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 what a comparable holding would be worth today. Sentiment stood 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 such as 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.