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Investing.com -- KindlyMD shares fell 30% in premarket trading Wednesday after the health care and Bitcoin treasury company announced a significant Bitcoin-related investment.
The company’s subsidiary, Nakamoto Holdings Inc., agreed to invest up to $30 million in Japanese Bitcoin treasury company Metaplanet Inc. In contrast, Metaplanet shares rose 16% earlier on Wednesday in Japan.
The investment will take the form of international equity financing in Metaplanet stock. According to the announcement, Metaplanet plans to use the proceeds primarily to purchase Bitcoin.
The funding is expected to be completed on September 16, with delivery of shares anticipated the following day on September 17.
"We believe this investment will further strengthen the global network of companies placing Bitcoin at the center of institutional finance," David Bailey, chairman and chief executive officer of KindlyMD, wrote in a release.
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