On August 26, 2025, shares of healthcare firm KindlyMD dropped after the company announced its plan to issue a $5 billion stock offering to strengthen its Bitcoin strategy. The move came just after the company completed its merger with Nakamoto Holdings, indicating that the company is pivoting toward integrating digital assets into its treasury management.
$5B Stock Offering To Boost Bitcoin Holdings
In a filing with the U.S. Securities and Exchange Commission (SEC), KindlyMD said that the firm intends to sell up to $5 billion in common stock through an at-the-market equity program. As well, the company is planning to provide the proceeds for general corporate purposes, including $BTC accumulation, acquisitions, working capital, capital expenditures, and investment in projects.
KindlyMD chair and CEO David Bailey, a crypto policy adviser to the Trump administration, stated, “Following the successful completion of our merger between KindlyMD and Nakamoto just two weeks ago and our initial purchase of Bitcoin, this initiative is the natural next phase of our growth plan”.
Notably, on August 19, 2025, the company acquired 5,744 BTC for about $679 million with an average price of $118,204 per BTC, signalling that the healthcare firm is aggressively accumulating BTC to strengthen its corporate reserve.
CEO Bailey Defends Bitcoin Strategy
In a recent X post, Bailey said, “ It’ll take us a while to build the necessary liquidity to complete the program, but it’ll be a critical tool as we execute our strategy”. When people asked about transparency, particularly in comparison with Michael Saylor’s Bitcoin Strategy, Bailey mentioned, “We want to be world-class at transparency and governance, we have a lot of immediate items that must be prioritized but over the course of the year we will dramatically improve here.”
Shares Dropped Despite Surge
Instead of enthusiasm, the announcement rattled investors. Shares of NAKA, KindlyMD’s ticket, dropped 12% during trading hours and closed at $7.85, slipping another 2.7% in after-hours trade.
This pullback fueled concerns, but investors who followed the company’s pivot to Bitcoin remain optimistic. When its Bitcoin plan went public, the stock soared 330%, which is now up more than 550% year-to-date.
What’s Ahead?
While investors showed short-term interest in the company’s equity raise, Bailey insists that KindlyMD’s Bitcoin-first approach is key to long-term growth. For a healthcare firm, raising billions to buy Bitcoin is unprecedented, and by making a big move, the company is positioning itself as one of the most aggressive Bitcoin adopters in both healthcare and digital asset sectors.
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