OneMedNet (NASDAQ: ONM) Stock Surges by 22% After Announcing $1.8 Million Exposure to Bitcoin

A large number of public-listed corporates are adopting the MicroStrategy playbook for holding Bitcoins on their balance sheets.

OneMedNet (NASDAQ: ONM) stock price soared by 22% on Friday after the company announced a massive $1.8 million exposure to the world’s leading cryptocurrency Bitcoin. The announcement came during the ongoing Bitcoin Conference where industry leaders are discussing ways to gain exposure to the asset class.

Related Reading: Bitcoin Price Analysis: BTC Bulls Defend $30K, Key Levels To Watch

OneMedNet Joins Other Corporates In Bitcoin Exposure

A large number of public-listed corporates are adopting the MicroStrategy playbook for holding Bitcoins on their balance sheets. With the USD losing its strength, corporates are finding solace in Bitcoin investments seeing it as a store of value and preventing any capital erosion.

On Friday, the OneMedNet stock surged all the way to $1.29 soon after the Bitcoin exposure announcement. However, it settled for 0.99 during the closing bell on Wall Street.

JUST IN: ?? US Public company OneMedNet buys $1.8 million worth of #Bitcoin pic.twitter.com/rsUdYvsaIL

— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024

On Friday, another publicly listed firm Semler Scientific announced the addition of more Bitcoins to its balance sheet. The company has acquired nearly 828 Bitcoin for $57 million while deploying 90% of its cash reserves into Bitcoin. The Semler Scientific (NASDAQ: SMLR) stock was up by 4% during Friday’s trading session.

Also Read: Peter Schiff Slams MicroStrategy’s Michael Saylor Over “Bitcoin Pyramid Scheme”

State Pension Funds Gain Exposure To Bitcoin ETF

Meanwhile, several state pension funds in the United States are gaining exposure to the Bitcoin Exchange-Traded Fund (ETF) after the launch of ProShares Bitcoin Strategy ETF. The ETF began trading on Thursday, tracking Bitcoin futures contracts.

The pension funds are using a new investment strategy that allows them to gain exposure to Bitcoin futures ETF without having to directly invest in the cryptocurrency. Officials from the pension funds stated that they are looking for ways to diversify their portfolios and hedge against inflation, which is driving their interest in Bitcoin.

Bitcoin Price Action

Bitcoin was trading at $30,134 at the time of writing, up 1.3% over the past 24 hours and down 3% over the past seven days. The world’s largest cryptocurrency has been struggling to maintain the $30,000 level this week amid a broader market sell-off.

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