SoFi stock falls after announcing $1.5B public offering of common stock
Investing.com - Maxim Group initiated coverage on Kindly MD Inc (NASDAQ:NAKA) with a Buy rating and an $8.00 price target on Wednesday. The stock, currently trading at $4.63, has shown significant volatility with a 273% year-to-date return, though InvestingPro data shows it has declined 27% in the past week.
The research firm cited NAKA’s extensive experience in digital assets and its Bitcoin treasury strategy, which includes plans to significantly increase holdings. Maxim noted that the company’s multiple to net asset value of approximately 1.8x enables accretive addition to Bitcoin per share through common stock sales. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 13x, though it currently operates at negative profit margins.
Maxim Group highlighted NAKA’s pending acquisition of BTC Inc., which is expected to add scale to the company’s operating businesses and provide an established media platform focused on digital assets that generates cash flow.
The company ended June 2025 with $6.0 million in cash and subsequently raised $740 million gross in connection with the reverse merger of Nakamoto into Kindly MD that closed on August 14, 2025. Maxim indicated that while current cash is sufficient for organic growth, additional Bitcoin purchases or potential acquisitions may require further capital.
The $8.00 price target is based on a sum-of-the-parts analysis that applies a 7x multiple to 2026 revenue, incorporates the expected future value of Bitcoin holdings, and deducts net debt.
In other recent news, KindlyMD, Inc. has announced several significant developments. The company has filed for an at-the-market equity offering program of up to $5 billion, with plans to use the proceeds for various corporate purposes, including its Bitcoin Treasury Strategy. Following its merger with Nakamoto Holdings, KindlyMD has completed a $200 million convertible note offering, primarily to fund Bitcoin purchases. In a related move, the company acquired 5,743.91 bitcoins for approximately $679 million, marking its first purchase after the merger.
Additionally, KindlyMD’s common stock has been upgraded to the Nasdaq Global Market from the Nasdaq Capital Market. In leadership changes, Tim Pickett has been appointed as Chief Medical Officer, continuing to lead the healthcare services platform post-merger. David Bailey, formerly of Nakamoto Holdings, has assumed the roles of Chief Executive Officer and Chairman of the Board. These developments reflect KindlyMD’s strategic focus on expanding its Bitcoin holdings and enhancing its market presence.
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