Paul Johnson Salt Lake City–based KindlyMD (NASDAQ: NAKA) is making a bold bet on Bitcoin. The healthcare company, fresh off its merger with bitcoin treasury firm Nakamoto, announced Tuesday that it plans to raise up to $5 billion through an at-the-market (ATM) equity offering to supercharge its Bitcoin buying spree.
The company filed a shelf registration with the U.S. Securities and Exchange Commission (SEC), giving it flexibility to sell stock in tranches based on market conditions. Proceeds will primarily go toward expanding its Bitcoin treasury, though the firm noted funds could also be directed toward acquisitions and broader corporate growth.
Key Highlights
$5B raise planned via ATM equity offering.
Funds earmarked for Bitcoin purchases and potential acquisitions.
First BTC buy: 5,743.91 BTC (~$635.4M) acquired on or around Aug. 19.
NAKA shares fell 12% Tuesday to $8.07, pressured by Bitcoin’s recent slide.
Bitcoin down 10% since hitting $123K earlier this month.
The announcement underscores KindlyMD’s pivot from pure healthcare into a hybrid model of medical services and Bitcoin treasury management—a strategy that’s rapidly gaining traction among publicly traded firms seeking to leverage BTC as a corporate reserve asset.
But markets aren’t fully convinced yet. NAKA stock tumbled 12% on Tuesday, as investors weighed the risks of issuing new equity amid a Bitcoin pullback. BTC has slumped more than 10% since mid-August highs, denting the value of KindlyMD’s fresh holdings.
Why It Matters
This move positions KindlyMD alongside heavyweights like MicroStrategy, which pioneered the public-company Bitcoin treasury strategy. If the $5B raise is fully deployed, KindlyMD could emerge as one of the largest corporate holders of Bitcoin in the U.S.
However, with Bitcoin’s volatility at play and equity dilution a looming concern, shareholders face a high-stakes balancing act between long-term BTC upside and near-term market pressure.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards
