Healthcare services provider turned Bitcoin treasury specialist, Kindly MD, has filed a Form S-3 registration with the SEC for a $5 billion at-the-market (ATM) equity offering. This is a flexible capital-raising tool that allows the company to sell shares directly into the market at prevailing prices.
The firm has said that it will use the proceeds for general corporate purposes, with a strong emphasis on expanding its Bitcoin Treasury strategy. It will also earmark funds for future acquisitions, working capital, expenditures, and potential share repurchases.
Initial Bitcoin purchase and strategic shift
This move follows a landmark merger with Nakamoto Holdings in mid-August. The Bitcoin-native company headed by David Bailey recently executed its first major Bitcoin purchase, acquiring 5,744 BTC. The purchase was worth ~$679 million at an average price of $118,204 per coin. The merger raised roughly $540 million in PIPE financing, complemented by a $200 million convertible note offering, with proceeds largely directed toward Bitcoin accumulation
CEO David Bailey envisions a long-term strategy to grow the Bitcoin treasury, potentially aiming for an audacious one-million Bitcoin goal.
The SEC filing, however, also flags a range of risks, like the possibility of dilution from new equity and convertible instruments. It has cautioned investors about merger-related expenses or litigation, operational and regulatory challenges tied to cryptocurrency integration with the healthcare provider. They haven’t ruled out cybersecurity threats and market volatility from impacting the company’s post-merger stock.
Market reacts to new offer
KindlyMD’s share price took a drubbing in trade post the announcement, falling by 12 percent and slipping below the $8 mark in pre-market trade. Year-to-date gains remain strong, up 550 percent in 2025.
