OneMedNet Sells Bitcoin Treasury, Reports $3.41M Deficit

The OneMedNet quarterly report for the period ended June 30, 2026 shows the company sold its entire treasury of Bitcoin, held $358,000 in cash and recorded a $3.41 million working-capital deficit. The filing warned existing liquidity was insufficient to fund operations for the next 12 months and raised substantial doubt about the company’s ability to continue as a going concern.

OneMedNet announced an allocation of roughly 34 BTC on Nov. 12, 2024. The report lists 31 BTC at Dec. 31, 2024; 15 BTC at June 30, 2025; six BTC at Dec. 31, 2025; one BTC at March 31, 2026; and zero BTC at June 30, 2026. The company reported $969,000 of Bitcoin sale proceeds in 2024, $5.07 million of sales and $2.75 million of purchases in 2025, and $419,000 of sale proceeds with no purchases in the first half of 2026.

At June 30 the company reported $1.31 million of current assets and $4.73 million of current liabilities, producing the $3.41 million working-capital deficit. OneMedNet used $3.42 million of cash in operations and posted a $4.63 million net loss in the first half of 2026. The $358,000 cash balance equated to about 19 days of the first-half average operating cash-use rate; the filing noted that that measure is backward-looking and excludes cash-flow timing, future changes in burn and new financing.

Financing activities provided a net $2.78 million during the first half of 2026. Shares outstanding rose from 51.8 million at Dec. 31, 2025 to 59.3 million by Aug. 11, 2026, an increase of about 14.5%. After the quarter closed the company completed a related-party issuance that generated $1 million in gross proceeds by selling 1.45 million shares at $0.69 apiece. On July 1, 2026 OneMedNet entered a Yorkville equity facility that could allow conditional sales of up to $25 million of additional stock at 97% of a defined market price, subject to registration, ownership and issuance limits; that $25 million is potential capacity, not cash on hand.

Filings state management routinely sells treasury Bitcoin to fund operations when needed but do not trace specific sale proceeds to named operating expenses. The second-quarter report changed language describing the Bitcoin policy from “has adopted” to “previously adopted,” leaving the policy’s current status unresolved after the balance reached zero.

With the Bitcoin treasury exhausted and cash reserves thin, the company identified additional external financing as necessary to continue operations and listed equity as a disclosed route to raise capital, noting that further stock issuances could increase dilution for existing shareholders. The period covered by the report ended June 30, 2026.