KindlyMD targets $5B financing for Bitcoin treasury

KindlyMD on Tuesday applied for $5 billion in financing through equity, debt, and hybrid securities on a continuous basis. The company intends to use the funds for its Bitcoin treasury strategy and corporate use, including debt repayment, working capital, acquisitions, capital expenditures, and stock repurchases.

The healthcare firm filed an S-3 registration statement with the SEC and stated that Bitcoin will serve as its primary treasury reserve asset. KindlyMD also acknowledged that they are focused on accumulating a long-term Bitcoin position.

KindlyMD seeks to deliver accretive value for shareholders

Excited to partner with TD Securities and 9 other leading financial institutions to execute a $5B ATM offering. It’ll take us a while to build the necessary liquidity to complete the program, but it’ll be a critical tool as we execute our strategy. Talk more about it… https://t.co/OiWObZ1Pp1

— David Bailey🇵🇷 $1.0mm/btc is the floor (@DavidFBailey) August 26, 2025

The SEC classifies KindlyMD as a Well-Known Seasoned Issuer (WKSI), which allows the firm to tap capital markets with more flexibility. The company also allows a mix of instruments beyond common stock, which will be sold on the Nasdaq Global Market or any other trading market.

Distribution of KindlyMD stock will be handled by underwriters such as Cantor Fitzgerald, Canaccord Genuity, and TD Securities, among others. According to the filing, the timing, amount, and pricing of any share sales will depend on market conditions and strategic priorities.

Senior analyst at Tiger Research, Jay Jo, argued that although KindlyMD’s WKSI status gives it an advantage in capital raising, he believes it also imposes pressure due to the large issuance volumes and high market volatility risks. 

Bailey said that the company plans to deploy the at-the-market (ATM) program thoughtfully and methodically. He also believes the initiative will strengthen KindlyMD’s balance sheet, deliver accretive value for its shareholders, and help the company seize market opportunities.

As previously reported by Cryptopolitan, the company purchased 5,744 Bitcoin worth roughly $679 million through its subsidiary Nakamoto Holdings. KindlyMD’s CEO, David Bailey, acknowledged that the purchase solidifies the company’s belief in BTC as a reserve asset.

Both firms merged on August 14 and will continue to trade on the Nasdaq Capital Market under the ticker symbol NAKA. KindlyMD chief medical officer, Tim Pickett, argued that the company handles Bitcoin with the same integrity they apply to delivering care due to its ability to preserve value.

“Following the successful completion of our merger between KindlyMD and Nakamoto just two weeks ago and our initial purchase of 5,744 Bitcoin, this initiative is the natural next phase of our growth plan.”

–David Bailey, CEO and Chairman of KindlyMD.

The initiative resulted in $540 million in gross proceeds through private placement in public equity (PIPE) to purchase the digital asset. The firm said the merger boosts its goal of acquiring one million Bitcoin.

On August 18, the healthcare company doubled down on its Bitcoin accumulation strategy, with a $200 million convertible note offering to purchase more BTC. The firm said the initiative will be used for working capital and general corporate purposes.

Bailey stated that it will take the healthcare company some time to generate the necessary liquidity to complete the ATM program. He said it will be a critical tool as KindlyMD executes its BTC accumulation strategy.

KindlyMD shares plummet amid BTC accumulation

KindlyMD shares have plummeted since the announcement of its Bitcoin accumulation initiative, dropping 12% in the last 24 hours. The company’s share price has also dropped by nearly 30% this month.

As recently reported by Cryptopolitan, KindlyMD’s strategy mirrors Michael Saylor’s Strategy playbook and the approval of U.S. Bitcoin ETFs in early 2024. The company shifted from software development to Bitcoin accumulation in 2020 and has become the largest corporate holder of BTC, with 632,457 Bitcoin, at the time of publication.

Kelvin Koh, Co-founder and CIO of Spartan Group, said BTC accumulation by corporations aligns with Trump’s pro-crypto policies. He believes that BTC accumulation have normalized crypto exposure and opened the door for altcoin focused digital asset treasuries. He sees the continued accumulation and expansion of DATs as an opening to broader trade-offs. 

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