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Kindlymd Stock Drops 12 After 5 Billion Bitcoin Stock Offering
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KindlyMD Stock Drops 12% After $5 Billion Bitcoin Stock Offering

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Healthcare services company KindlyMD (NAKA) share price fell sharply on Tuesday, dropping 12% during trading and another 2.7% after-hours to $7.85. The decline follows the company’s announcement of a $5 billion at-the-market (ATM) equity offering to fund its growing Bitcoin holdings.

Following its recent merger with Nakamoto Holdings, KindlyMD adopted a Bitcoin (BTC) treasury strategy and disclosed that it plans to issue and sell up to $5 billion in common stock through the SEC-approved program.

The proceeds will support general corporate purposes, including Bitcoin accumulation, acquisitions, working capital, capital expenditures, and investments in strategic projects.

“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,” said KindlyMD Chair and CEO David Bailey, who also advises the Trump administration on crypto policy. 

The company acquired 5,743 BTC on August 19 for roughly $679 million at an average price of $118,204 per Bitcoin. Bailey emphasized the importance of transparency and governance, stating that KindlyMD aims to become “world-class” in both areas as the program progresses. 

The stock sales will be conducted through multiple agents, including TD Securities and Cantor, at prevailing market prices on exchanges like Nasdaq.

Meanwhile, Canadian psychedelic truffles company Red Light Holland updated its Bitcoin approach, acquiring 10,600 shares of the BlackRock iShares Bitcoin Trust ETF (IBIT) and planning advanced algorithmic trading with Arch Public.

Despite Tuesday’s drop though, KindlyMD shares have surged 330% since May and are up 550% this year, reflecting strong investor confidence in the company’s bold Bitcoin strategy.

Also Read: David Bailey’s Nakamoto Joins KindlyMD to Build Bitcoin Treasury





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Bitcoin Treasury KindlyMD Stock Dives Following $679 Million BTC Buy

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In brief

  • Healthcare company KindlyMD said Tuesday that it spent $679 million to buy over 5,743 Bitcoin.
  • The firm pivoted to a Bitcoin treasury strategy earlier this year when it merged with holding company Nakamoto.
  • It is the latest company to morph into a crypto treasury.

Bitcoin treasury KindlyMD has added $679 million in BTC to its holdings, the company said Tuesday—though the firm’s stock has taken a plunge following the announcement.

The Nasdaq-listed company said that it had bought 5,743.91 BTC via its wholly owned subsidiary, Nakamoto Holdings, Inc, for an average price of about $118,205 per coin.

Bitcoin was recently trading for $113,200, down 2.4% over a 24-hour period and by more than 5% over the past week after hitting a new all-time high mark above $124,000 last week.

“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike,” David Bailey, the company’s CEO said. 

KindlyMD’s stock—which trades under the ticker NAKA—was down by more than 13% Tuesday to a price of $10.41. The firm, which focuses on providing healthcare data, in May announced a merger with holding company Nakamoto. 

Nakamoto is a holding company co-founded by Bitcoin Magazine CEO David Bailey with the intent of purchasing Bitcoin. Bailey advised President Donald Trump on crypto policy while the Republican candidate was campaigning last year.

KindlyMD said on Monday that it had closed a $200 million convertible note offering as part of its Bitcoin-buying strategy. It raised another $540 million in August via a private placement in public equity (PIPE) to buy the cryptocurrency.



The move is straight out of Strategy’s playbook: Raise cash to buy Bitcoin so investors can buy shares of a publicly traded company and get regulated exposure to the asset.

Strategy shifted from software development to focus on Bitcoin accumulation in 2020. It is the largest corporate holder of the asset with 629,376 BTC worth over $71 billion.

Some 168 public companies now have Bitcoin treasuries, according to bitcointreasuries.net, holding a total of more than 983,000 Bitcoin.

Some experts have warned that the crypto play has its risks, and that pivoting to crypto won’t necessarily save a failing business. But companies keep popping up, and some are amassing billions of dollars’ worth of digital assets.

Other notable treasuries include Twenty One, started by a combination of crypto and traditional finance powerhouses—Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. It holds 43,500 BTC—almost $5 billion worth as of this writing—although it has yet to begin trading. 

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Crypto Trends

Bitcoin Treasury KindlyMD Closes $200 Million Raise to Buy More BTC

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In brief

  • KindlyMD said it was merging with Nakamoto Holdings to become a Bitcoin treasury back in May.
  • The company just closed a $200 million convertible note offering.
  • KindlyMD is the latest firm to pivot to Bitcoin buying as a way to provide better returns for investors.

Bitcoin treasury KindlyMD has closed a $200 million convertible note offering that it will use to buy more BTC, the company announced Monday. 

The issuance is the latest step in the company’s strategy to build its BTC holdings and adds to the $540 million that the company raised via a private placement in public equity (PIPE), which closed concurrently as it merged with Nakamoto Holdings. The combine company is retaining the KindlyMD name. 

“The Company intends to use the net proceeds from the Convertible Note offering to purchase more Bitcoin, as well as for working capital and general corporate purposes,” KindlyMD said in a statement Friday. 

UPDATE: KindlyMD Closes $200 Million Convertible Note Offering. The issuance of the Convertible Note expands our Bitcoin treasury strategy and adds to the $540M gross proceeds from the PIPE Financing.

— Nakamoto (@nakamoto) August 15, 2025

In May, Kindly, which has shifted its focus as a healthcare data provider, and Nakamoto Holdings announced their merger. Nakamoto is a holding company co-founded by Bitcoin Magazine CEO David Bailey, with the intent of purchasing Bitcoin. CEO Bailey advised President Trump on his 2024 crypto policy while the Republican was campaigning. 

YA II PN, Ltd., an investment fund managed by hedge fund Yorkville Advisors, is managing the financing. 



KindlyMD’s stock, which trades on the Nasdaq under the ticker NAKA, closed about 12% lower on Monday. The idea is that investors will be able to get exposure to the leading cryptocurrency by buying its stock. 

A full 168 public companies have Bitcoin treasuries—a move popularized by Michael Saylor’s software firm Strategy, which began purchasing the asset in 2020. 

After pivoting from software development, Strategy started buying Bitcoin in August 2020 as a way to generate better returns for its shareholders. 

It is the largest corporate holder of the asset with 629,376 BTC worth over $73 billion. It mostly works now to securitize Bitcoin. 

Bitcoin was recently trading for $116,605 per coin after dropping 1% over a 24-hour period. It broke a new all-time high last week of $124,128, according to crypto data provider CoinGecko. 

Strategy issues debt to fund its purchases. Since Strategy first bought Bitcoin five years ago, its stock (Nasdaq: MSTR) has rocketed up by over 2,700%. 

Some of Strategy’s followers are using spare cash to buy the flagship digital currency, while others are issuing debt. 

But some experts have warned that the crypto play has its risks. 

Other notable treasuries include Twenty One, started by a combination of crypto and traditional finance powerhouses—Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. It holds 43,500 digital coins, although it has yet to begin trading. 

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Start every day with the top news stories right now, plus original features, a podcast, videos and more.





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