KindlyMD shares slid after the healthcare company announced plans to sell up to $5 billion in stock to fund its Bitcoin strategy.
The firm, which recently merged with Nakamoto Holdings, filed with the Securities and Exchange Commission for an at-the-market equity program.
Proceeds will go toward Bitcoin accumulation, working capital, acquisitions, and other corporate needs.
“Following the completion of our merger and our first Bitcoin purchase, this initiative is the next phase of our growth plan,”
said chair and chief executive David Bailey, who also advises the Trump administration on crypto policy.
KindlyMD disclosed it bought 5,744 Bitcoin for $679 million on August 19, at an average price of $118,204 per coin.
Bailey said the stock program will take time to build liquidity but called it a “critical tool” for executing the company’s strategy.
The equity sales will be managed by agents including TD Securities and Cantor, with shares sold on Nasdaq at prevailing prices.
Stock Reaction
Investors reacted sharply to the offering. KindlyMD shares, trading under the ticker NAKA, dropped 12% Tuesday and fell another 2.7% after hours to $7.85.
The pullback comes after a 330% surge since May, when the firm first outlined its Bitcoin plans. Shares remain up 550% this year.
Transparency Pledge
Bailey compared the company’s disclosure practices with Michael Saylor’s Bitcoin-focused Strategy Inc., saying KindlyMD aims to be “world-class at transparency and governance” but needs time to prioritize immediate operational goals.
Sector Ripple
Red Light Holland, a Canadian psychedelic truffles producer, also updated its Bitcoin exposure.
The firm said it purchased 10,600 shares of the BlackRock iShares Bitcoin Trust ETF and is working with an exchange to deploy Arch Public’s algorithmic trading strategies.
Scott Melker, a crypto adviser to the company, said the approach blends ETF exposure with advanced trading tactics.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
