KindlyMD announced plans to issue up to $5 billion in equity to expand its Bitcoin-focused strategy.
Nasdaq-listed healthcare services company KindlyMD announced plans to issue up to $5 billion in stock to expand its Bitcoin-focused strategy.
The company will sell its shares gradually through the at-the-market (ATM) method, as part of its registration application submitted to the U.S. Securities and Exchange Commission (SEC).
The company’s statement stated that the proceeds will be used for general corporate purposes, but its top priority is to expand its Bitcoin treasury. Shares will be offered at market prices through brokers such as TD Securities, Cantor Fitzgerald, and B. Riley Securities.
KindlyMD’s move follows its recent merger with Bitcoin-focused Nakamoto Holdings, which saw the firm make its first major crypto move by purchasing 5,744 BTC.
Industry analysts note that KindlyMD’s strategy follows the institutional Bitcoin treasury model pioneered by MicroStrategy founder Michael Saylor. It’s reported that many companies currently hold Bitcoin and Ethereum in their reserves, and they’re also beginning to focus on altcoins like Solana, BNB, and XRP.
According to Google Finance data, KindlyMD (NAKA) shares closed down 12% at $8.07 on Tuesday, while the price of Bitcoin rose 1.40% in the last 24 hours to $112,370.
This move by the company is considered a new indicator of Wall Street’s deepening interest in crypto assets.
