KindlyMD’s Nakamoto Commits $30M to Metaplanet in First Asia Bitcoin Treasury Bet

Nakamoto, a subsidiary of KindlyMD, has committed up to $30 million to join Metaplanet’s global equity ￰0￱ Takeaways: KindlyMD’s Nakamoto committed up to $30M to Metaplanet, marking its largest investment to ￰1￱ now holds 20,136 BTC, ranking sixth among public companies by Bitcoin ￰2￱ shares surged 77% after the deal, as investors respond to its crypto-focused ￰3￱ marks the firm’s largest investment to date and also its first stake in an Asian public company with a Bitcoin-focused treasury strategy, according to a Tuesday ￰4￱ funding is expected to close on September 16, with shares delivered the next ￰5￱ Adds 136 BTC, Now 6th Largest Public Bitcoin Holder On Monday, the firm announced the acquisition of an additional 136 BTC for $15.2 million, bringing its total to 20,136 BTC, placing it sixth among public companies globally in terms of Bitcoin reserves.

Metaplanet, listed on the Tokyo Stock Exchange, plans to issue 385 million new shares, aiming to raise $1.4 billion primarily to expand its Bitcoin ￰6￱ month, Metaplanet shareholders approved a plan to issue 550 million new shares, raising about 130.3 billion yen ($884 million) as the company seeks fresh capital to expand its Bitcoin ￰7￱ the meeting in Tokyo, the firm confirmed most of the proceeds will be directed toward cryptocurrency ￰8￱ Nakamoto announced a commitment to invest $30M in @Metaplanet_JP. This transaction would mark Nakamoto’s largest single investment to date and its first in the Asian ￰9￱ — Nakamoto (@nakamoto) September 9, 2025 The move follows KindlyMD’s August merger with Nakamoto Holdings, shifting the company into a hybrid model combining healthcare services with digital asset investment.

KindlyMD’s stock (NAKA) surged 77.2% on Nasdaq Tuesday, closing at $8.08, despite being down 43.4% over the past ￰10￱ stock remains up more than 550% year-to-date, driven largely by investor enthusiasm around its crypto-focused ￰11￱ Premium Compression Threatens Metaplanet’s Accumulation Strategy The expansion comes as Metaplanet faces pressure on its financing strategy. Gerovich, a former Goldman Sachs derivatives trader, recently said the firm has relied on “moving strike warrants” issued to Evo Fund to generate cash for Bitcoin ￰12￱ approach, which Gerovich dubbed the “flywheel,” allowed the company to raise funds at low cost while its stock was climbing.

Additionally, the model has faltered as shares ￰13￱ soaring more than 740% over the past year, Metaplanet’s stock has fallen 54% since peaking in mid-June, even as Bitcoin has risen 2% in the same ￰14￱ slowdown has curbed accumulation, with Bitcoin holdings growing by 160% in the two months through June but less than 50% since. “The flywheel has slowed,” said Mark Chadwick , a former Jefferies analyst cited by Bloomberg. “As the stock declines, each exercise generates less capital to buy Bitcoin.” The analysts also note the compression of Metaplanet’s so-called “Bitcoin premium”—the difference between the company’s market capitalization and the value of its ￰15￱ at more than eight times its Bitcoin reserves in June, the multiple has narrowed to roughly two.

“The Bitcoin premium is what drives the success of the entire strategy,” said Natixis analyst Eric Benoist. “If the premium compresses, they can’t accumulate on the same terms, interest wanes, and the stock goes down.”