Kindly MD stock initiated with Buy rating at B.Riley on Bitcoin strategy

Investing.com - B.Riley has initiated coverage on Kindly MD Inc (NASDAQ:NAKA) with a Buy rating and a $2.00 price target. The stock, currently trading at $0.80, has seen significant volatility with a 52-week range of $0.65 to $34.77. According to InvestingPro data, the company maintains a healthy current ratio of 13x, indicating strong short-term liquidity.

The firm’s analysis indicates that NAKA is trading below its net asset value (NAV) at approximately 0.7x following a more than 90% collapse in share price during September 2025.

B.Riley describes Kindly MD as a Bitcoin (BTC) DATCO with a legacy healthcare division, noting that unlike traditional Bitcoin DATCOs, NAKA invests in other Bitcoin-native businesses, providing greater leverage to Bitcoin volatility.

The research firm projects that Kindly MD will hold approximately 18,000 Bitcoin by year-end 2026, and expresses cautious optimism about the company’s ability to raise capital accretively.

B.Riley believes the company is recovering from what it terms a "transformational shock," with potential for its modified NAV to reach 1.2x within 12 months.

In other recent news, KindlyMD, Inc. has secured a $203 million loan from Two Prime Lending Limited to repay a $200 million convertible debenture, marking a significant financial maneuver for the company. This transaction was completed on September 30, following a redemption notice earlier in the month. Additionally, the company announced that options on its common stock have been approved for trading on the Nasdaq Options Market, providing shareholders with new tools for managing risk. In a move to expand its Bitcoin strategy, KindlyMD’s subsidiary, Nakamoto Holdings, committed up to $30 million to invest in Japan’s Metaplanet Inc., marking its largest single investment in an Asian public company.

Furthermore, Maxim Group initiated coverage on KindlyMD with a Buy rating and an $8.00 price target, highlighting the company’s experience in digital assets and its Bitcoin treasury strategy. However, KindlyMD also filed for an at-the-market equity offering program of up to $5 billion, intending to use the proceeds for various corporate purposes, including its Bitcoin Treasury Strategy. These developments reflect the company’s ongoing efforts to manage its financial strategies and expand its market presence.

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