Medical data firm OneMedNet latest to pursue Bitcoin reserve strategy after funding round
OneMedNet (ONMD) raised $4.6 million in a private placement late last month and used $1.8 million of that to buy 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 bought a combination of shares and warrants in ONMD.
Shares of OneMedNet have fallen more than 90% since going public via a SPAC deal late last year.
“This is an opportunity that, if done right, can outperform Bitcoin,” Brian Dixon, CEO of Off The Chain Capital, told CoinDesk. “From our perspective as investors, we’re looking for these discount or value opportunities, and we’re trying very hard to outperform Bitcoin.”
Dixon believes it’s critical for public companies to reinvest some of their cash into Bitcoin, rather than real estate, stocks or bonds, to add the most shareholder value.
“I think more and more public companies are going to realize that if you don’t have Bitcoin on your balance sheet, then you’re not being a wise fiduciary when it comes to allocating that portion of your reserve strategy,” he said.
On this point, Off the Chain and OneMedNet make similar arguments to Michael Saylor, whose stock performance has outperformed Bitcoin’s returns since the company added the cryptocurrency to its balance sheet starting in August 2020. U.S.-listed Semler Scientific and Japan’s Metaplanet are among other public companies that are pursuing similar strategies.