KindlyMD launches $5B stock sale program to expand Bitcoin holdings

KindlyMD filed with the U.S. Securities and Exchange Commission (SEC) on August 26 for the ATM equity offering on Nasdaq under the ticker NAKA. The company said proceeds will be used primarily for Bitcoin purchases and general corporate purposes.

The market reaction was immediate. Shares dropped 12% on the day of the announcement and continued sliding in after-hours trading. Investors priced in dilution risks, although NAKA stock still trades well above levels seen earlier this year, when the firm first disclosed its Bitcoin treasury ambitions.

KindlyMD recently completed its merger with Nakamoto Holdings and adopted a corporate strategy centered on holding Bitcoin as part of its reserves. On August 19, the company purchased 5,744 BTC for roughly $679 million, paying an average of $118,204 per coin. The acquisition marked one of the largest Bitcoin buys by a publicly listed healthcare firm, signaling a decisive move into digital assets.

CEO David Bailey commented on X that it will take time to build the necessary liquidity for such a large-scale program but described it as a “critical tool” for executing the company’s long-term vision. He emphasized that transparency and strong governance remain top priorities as KindlyMD positions itself at the intersection of healthcare services and cryptocurrency treasury management.

The at-the-market program was registered via a Form S-3 filing and allows the company to issue shares gradually over time. TD Securities, Cantor, and several other financial institutions are named as agents for the offering. In addition to Bitcoin acquisitions, proceeds may be used for working capital, potential business or asset purchases, and capital expenditures. The flexible structure enables KindlyMD to raise funds incrementally, adjusting issuance volumes to market demand.

While the stock pullback reflected investor caution, the broader trajectory of NAKA shares has remained positive since May, fueled by enthusiasm for the company’s bold Bitcoin strategy. For KindlyMD, the program provides an opportunity to steadily accumulate one of the largest corporate Bitcoin reserves while maintaining financial flexibility for operations and growth.