Healthcare company KindlyMD has filed a $5 billion at-the-market equity offering with the SEC to fund its aggressive Bitcoin treasury strategy, marking one of the largest corporate crypto accumulation programs announced this year.
The 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.
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 debenture.
The combined entity now holds 5,765 BTC worth approximately $679 million, ranking 16th among public companies by Bitcoin holdings.
CEO 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 merger.
The company plans to accumulate one million Bitcoin under the Nakamoto Bitcoin Treasury, with the thesis that Bitcoin will be the ultimate reserve asset for corporations.
The $5 billion offering allows KindlyMD to sell shares through multiple agents, including TD Securities, Cantor Fitzgerald, and B. Riley Securities, at prevailing market prices.
Agent commissions can reach up to 2% of the gross proceeds, with the timing and amounts determined by market conditions and the company’s strategy.
Healthcare 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 treatments.
The company’s healthcare revenue streams continue to support operations, while Bitcoin purchases accelerate the transformation into a treasury vehicle.
According 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 million.
Investment activities resulted in $2.52 million outflows, primarily from digital asset purchases, indicating early Bitcoin accumulation before the major treasury push.
The August merger brought on Amanda Fabiano, formerly of Galaxy Digital and Fidelity, as COO of Nakamoto Holdings, adding over a decade of Bitcoin infrastructure expertise.
The 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 share.
The note is secured by Bitcoin valued at a minimum of $400 million, linking debt obligations directly to crypto holdings.
Corporate 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 billion. Strategy leads with 632,457 BTC, followed by MARA Holdings with 50,639 BTC.
Source: Bitcoin TreasuriesThe corporate adoption wave has accelerated throughout 2025 as companies sought inflation hedges and alternative growth strategies.
Strategy expanded its position by 3,081 BTC between August 18 and 24 for $356.9 million at an average price of $115,829.
The company’s year-to-date Bitcoin yield has reached 25.4%, validating its dollar-cost averaging approach across market cycles.
Recent high-profile entries include Trump Media & Technology Group at 15,000 BTC and Metaplanet’s expansion to 18,991 tokens through continuous buying programs.
The corporate treasury model has spread globally with participants from the U.S., Japan, Germany, and other major markets.
Wall Street investment banks are facilitating the trend through SPAC mergers and direct financing.
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 accumulation.
Unlike others, KindlyMD’s healthcare revenue base generates operational cash flow, distinguishing it from pure-play Bitcoin vehicles that depend solely on appreciation.
The $5 billion offering size positions KindlyMD among the most ambitious corporate Bitcoin strategies, allowing massive accumulation if fully deployed.
With 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.
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