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Highlights
- OneMedNet and Semler Scientific added Bitcoins to balance sheet on Friday.
- The Michigan pension funds also invested $6.6 million in Ark Bitcoin ETF.
- Bitcoin price is showing strength eyeing a move to the upper channel of $71,500.
On Friday, July 26, OneMedNet (NASDAQ: ONM) stock price surged by 22% after the company revealed a significant $1.8 million investment in Bitcoin, the world’s largest cryptocurrency. The announcement was made during the ongoing Bitcoin Conference, where industry leaders are exploring opportunities to gain exposure to the asset class.
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
Seeing the strength of Bitcoin in the global economy, lawmakers are increasingly leaning towards the asset class and seeking exposure to the newly launched Bitcoin ETFs for state pension funds.
A day before, Jersey City mayor Steven Fulop said that they would partially allocate the state pension funds to Bitcoin ETFs. Joining the bandwagon, the Michigan pension fund purchases a staggering $6.6 million in shares of the Ark Bitcoin ETF (ARKB). Previously, Winconsin has also disclosed a $160 million investment in Bitcoin ETFs.
The spot Bitcoin ETFs have delivered a solid performance this month of July with staggering inflows led by BlackRock. On Friday, the Bitcoin ETFs saw inflows of $51.8 million with Bitwise (BITB) leading the show.
The Bitcoin price is also showing great strength surging by another 1.5% and moving past $68,000. Analysts predict BTC will surge further to $71,500 before deciding on the next move.
The retest was successful
Bitcoin has confirmed $65,000 as support
Price will now continue to occupy the $65000-$71500 region (red)$BTC #Crypto #Bitcoin https://t.co/k15SAxaizI pic.twitter.com/v1UBMtj0zk
— Rekt Capital (@rektcapital) July 26, 2024
Also Read: Jersey City To Adopt Bitcoin ETFs in Pension Fund Allocation
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