KindlyMD Registers $5B Securities Offering to Fund Bitcoin Treasury Strategy

Healthcare company KindlyMD has filed a $5 billion at-the-market equity offering with the SEC to fund its aggressive Bit coin treasury strategy , marking one of the largest corporate crypto accumulation programs announced this ￰0￱ Utah-based firm, trading under the ticker “NAKA” on the Nasdaq Global Market, plans to use the proceeds for general corporate purposes, including Bitcoin purchases, as it transforms from a niche healthcare provider into a public Bitcoin operating company. NEWS: KindlyMD Announces $5 Billion At-The-Market Equity Offering ￰1￱ intends to use the proceeds for: pursuit of a Bitcoin Treasury strategy, working capital, funding acquisitions of businesses, assets or technologies, capital expenditures, and/or investing in… — Nakamoto (@nakamoto) August 26, 2025 Merger Creates Hybrid Model Combining Healthcare Revenue with Crypto Treasury KindlyMD completed its merger with Nakamoto Holdings on August 14, issuing approximately 22.3 million shares to Nakamoto shareholders while securing $540 million through private placement agreements and a $200 million secured convertible ￰2￱ combined entity now holds 5,765 BTC worth approximately $679 million, ranking 16th among public companies by Bitcoin ￰3￱ David Bailey, a prominent crypto advocate and advisor to the Trump administration, leads the transformation under a disciplined Bitcoin treasury strategy adopted by the board following the ￰4￱ company plans to accumulate one million Bitcoin under the Nakamoto Bitcoin Treasury, with the thesis that Bitcoin will be the ultimate reserve asset for ￰5￱ $5 billion offering allows KindlyMD to sell shares through multiple agents, including TD Securities, Cantor Fitzgerald, and ￰6￱ Securities, at prevailing market ￰7￱ commissions can reach up to 2% of the gross proceeds, with the timing and amounts determined by market conditions and the company’s ￰8￱ Operations Fund Crypto Transformation Despite Mixed Financials KindlyMD operates as a patient-first healthcare and data company providing integrated medical services focused on reducing opioid use and improving health outcomes through evidence-based ￰9￱ company’s healthcare revenue streams continue to support operations, while Bitcoin purchases accelerate the transformation into a treasury ￰10￱ to its second-quarter report , financing activities generated $9.05 million in inflows, primarily from warrant exercises, resulting in a 165% increase in net cash to $6.02 ￰11￱ reported its second quarter financial results ahead of the merger with ￰12￱ step closer! — Nakamoto (@nakamoto) August 5, 2025 Investment activities resulted in $2.52 million outflows, primarily from digital asset purchases, indicating early Bitcoin accumulation before the major treasury ￰13￱ August merger brought on Amanda Fabiano, formerly of Galaxy Digital and Fidelity, as COO of Nakamoto Holdings, adding over a decade of Bitcoin infrastructure ￰14￱ leadership team combines healthcare operations knowledge with institutional crypto experience to execute the dual strategy.

Additionally, according to the filing, KindlyMD issued a convertible debenture with Yorkville Advisors that carries no interest for the first two years and 6% interest in year three, convertible into stock at $2.80 per ￰15￱ note is secured by Bitcoin valued at a minimum of $400 million, linking debt obligations directly to crypto ￰16￱ Bitcoin Race Intensifies as 305 Entities Control 3.68M BTC Global corporate Bitcoin holdings have reached 3.68 million tokens across 305 entities, worth approximately $418 ￰17￱ leads with 632,457 BTC, followed by MARA Holdings with 50,639 BTC.) July 16, 2025 Earlier last month, Cantor Fitzgerald reportedly negotiated a $4 billion deal with Blockstream Capital’s Adam Back involving 30,000 Bitcoin transfers, while multiple firms prepare public listings focused on Bitcoin ￰18￱ others, KindlyMD’s healthcare revenue base generates operational cash flow, distinguishing it from pure-play Bitcoin vehicles that depend solely on ￰19￱ $5 billion offering size positions KindlyMD among the most ambitious corporate Bitcoin strategies, allowing massive accumulation if fully ￰20￱ Bitcoin trading above $111,000, the proceeds could fund the acquisition of approximately 45,000 additional tokens at current prices, dramatically expanding the company’s position toward its one million Bitcoin target.