KindlyMD raises additional $51.5 million for Bitcoin treasury

SALT LAKE CITY - KindlyMD, Inc. (NASDAQ:NAKA), whose stock has surged over 1,000% year-to-date according to InvestingPro data, announced it has secured an additional $51.5 million in private placement in public equity (PIPE) financing to support its Bitcoin treasury establishment efforts. The company, currently valued at approximately $104 million, has shown remarkable market momentum despite operating with negative EBITDA.

The company, which is proceeding with its previously announced merger with Nakamoto Holdings Inc., has now raised approximately $563 million in total PIPE financing and $763 million including convertible notes, according to a company press release. InvestingPro analysis indicates the company maintains a healthy current ratio of 2.3, with liquid assets exceeding short-term obligations.

The latest financing round was completed in less than 72 hours and priced at $5.00 per share, consisting of common stock in KindlyMD. The net proceeds are intended for Bitcoin purchases and general corporate purposes.

"Investor demand for Nakamoto is incredibly strong," said David Bailey, Founder and CEO of Nakamoto. "We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible."

The PIPE financing is expected to close concurrently with the merger between KindlyMD and Nakamoto.

Cohen & Company Capital Markets is serving as lead financial advisor to Nakamoto and placement agent for the PIPE financing. Reed Smith LLP is acting as legal advisor to Nakamoto, while Brunson Chandler & Jones, PLLC is advising KindlyMD.

KindlyMD describes itself as a patient-first healthcare and healthcare data company focused on value-based care and patient-centered medical services. Nakamoto positions itself as a Bitcoin treasury company building a portfolio of Bitcoin-native companies. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with 12 additional exclusive insights available to subscribers, including detailed valuation metrics and growth indicators.

In connection with the merger and financing transactions, KindlyMD plans to file an information statement with the SEC. The company advises investors to review these documents when they become available.

In other recent news, KindlyMD, Inc. has announced several significant developments. The company has changed its ticker symbol to NAKA following a merger with Nakamoto Holdings Inc., a Bitcoin-focused holding company. This strategic move aligns with KindlyMD’s new Bitcoin treasury strategy. The merger, approved by KindlyMD shareholders, is backed by $710 million in financing, including $510 million from a private investment in public equity, marking a substantial investment in a public crypto-related deal. Additionally, Anchorage Digital has been named as the exclusive custodian for KindlyMD’s Bitcoin assets, offering custody and trading services for the company’s Bitcoin treasury operations.

In another development, KindlyMD has modified executive compensation agreements, adjusting stock options and vesting schedules for its top executives and independent directors. CEO Tim Pickett received 7,479 stock options and 28,780 shares of restricted stock, while other executives and directors were also granted stock options. Furthermore, KindlyMD has issued 730,923 shares of common stock following the exercise of warrants, generating $4,219,584.33 in proceeds. These changes come as the company prepares for its merger with Nakamoto, which aims to create a global network of Bitcoin treasury companies. The merger is anticipated to close in the third quarter of 2025, subject to customary closing conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.