As a seasoned researcher with a background in financial markets and technology trends, I have witnessed the meteoric rise of Bitcoin and its increasing adoption by corporations and institutional investors. The recent announcement from OneMedNet about their $1.8 million investment in Bitcoin came as no surprise to me, given the current market conditions and the growing acceptance of Bitcoin as a store of value.
On July 26, 2023, OneMedNet’s (NASDAQ: ONM) stock price experienced a significant surge of approximately 22%. This increase followed the company’s announcement of holding an impressive $1.8 million exposure to Bitcoin, the world’s largest cryptocurrency. The disclosure was made during the ongoing Bitcoin Conference, where industry leaders were sharing insights on gaining access to this asset class.
OneMedNet Joins Other Corporates in Bitcoin Exposure
Many publicly traded companies are following MicroStrategy’s lead by investing in Bitcoin for their balance sheets. Amidst the weakening US dollar, corporations view Bitcoin as a valuable asset to safeguard their funds and shield against potential currency depreciation.
On Friday, the OneMedNet stock rapidly reached a peak of $1.29 following the disclosure about its Bitcoin connection. Yet, by the end of trading hours on Wall Street, its price had dropped to $0.99.
JUST IN: US Public company OneMedNet buys $1.8 million worth of #Bitcoin
— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024
Last Friday, Semler Scientific, a publicly traded company, disclosed the purchase of approximately 828 Bitcoins for around $57 million. This acquisition represented 90% of the firm’s available cash reserves. As a result, the SMLR stock (NASDAQ: Semler Scientific) experienced a 4% increase during Friday’s market activity.
State Pension Funds Gain Exposure to Bitcoin ETF
Due to Bitcoin’s growing influence in the world economy, legislators are becoming more inclined toward investing in this asset class and exploring the opportunity to include recently introduced Bitcoin Exchange-Traded Funds (ETFs) in their state pension funds.
The day prior, Jersey City Mayor Steven Fulop announced that they would invest a portion of the state pension funds into Bitcoin Exchange-Traded Funds (ETFs), specifically the Ark Bitcoin ETF (ARKB). Following suit, Michigan’s pension fund recently purchased an impressive $6.6 million worth of shares in this Bitcoin ETF. Previously, Wisconsin disclosed a significant investment of $160 million in Bitcoin ETFs.
In July, Bitcoin exchange-traded funds (ETFs) have shown impressive gains, attracting substantial investments. Among them, Bitwise’s Bitcoin ETF (BITB) spearheaded the inflows, totaling $51.8 million on a single Friday.
The price of Bitcoin continues to demonstrate robustness, increasing by an additional 1.5% and exceeding $68,000. According to analysts’ projections, Bitcoin could potentially rise even higher, reaching $71,500, before making its next move.
#BTC
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
— Rekt Capital (@rektcapital) July 26, 2024
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When
- US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
- Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
- USD PHP PREDICTION
- Breaking: Spot Ethereum ETF Trading Affirmed by US SEC
2024-07-27 09:01