KindlyMD Joins Corporate Bitcoin Rush With $200M Convertible Note Offering
KindlyMD (Nasdaq: NAKA), a Salt Lake City-based company, closed a $200 million convertible note offering to contribute to its position in Bitcoin, solidifying its transition to an institutional BTC treasury firm.
The deal was announced on Aug. 15, 2025, following its merger with Nakamoto Holdings, showing a trend of corporate businesses adopting Bitcoin as a reserve asset.
Nakamoto Merger Drives KindlyMD’s Bitcoin Treasury Vision
KindlyMD, a former healthcare data provider, merged with Nakamoto Holdings in August 2025 to prioritize Bitcoin accumulation.
Nakamoto, co-founded by David Bailey, CEO of Bitcoin Magazine and a cryptocurrency policy advisor to President Donald Trump during the 2024 campaign, is leading this strategic shift.
The $200 million raise, led by YA II PN, Ltd., an affiliate of Yorkville Advisors, comprises senior secured convertible notes with zero interest for the first two years, followed by a 6% annual rate until maturity in August 2028. The notes have an initial conversion price of $2.80 per share, subject to adjustments.
The offering builds on a $540 million private placement in public equity (PIPE) financing closing with the merger and a separate $51.5 million PIPE in June 2025, totaling $791.5 million in recent fundraising.
KindlyMD plans to allocate the majority of the proceeds to purchasing Bitcoin, with additional funds supporting working capital and its ongoing healthcare operations under CEO Tim Pickett.
The company currently holds 21 BTC, acquired at an average price of $109,027, and aims to acquire approximately 1,696 BTC at current market prices of around $117,882 per BTC. KindlyMD has also set an ambitious long-term goal of holding a 1-million-BTC treasury.
KindlyMD Joins Bitcoin Treasury Titans Like Strategy
KindlyMD joins 228 publicly traded companies holding Bitcoin as a treasury asset, an approach that is led by Strategy, which holds 629,376 BTC valued at over $73 billion.
Top 10 Public Holders of Bitcoin (Source: Bitcoin Treasuries)
Other companies include Mara Holdings with 50,639 BTC, Twenty One with 43,514 BTC, and Metaplanet with 18,888 BTC. Strategy is projected by TD Cowen analysts to potentially control 4.3% of the total available supply of Bitcoin by 2027, in line with the bullish argument for corporate adoption of BTC.
Supporters argue Bitcoin serves as an inflation hedge, but threats such as price volatility and potential equity dilution by convertible notes exist.
KindlyMD’s 21 BTC holding makes it a new entry in this space, balancing its treasury ambitions with its ongoing healthcare services.
Stock Soars as Bitcoin Plan Triggers Investor Buzz
KindlyMD’s stock rose 13.4% following the merger announcement, with an 869.35% year-to-date surge.
KindlyMD Stock Price Chart (Source: Yahoo Finance)
The sentiment across social media shows institutional enthusiasm for Bitcoin treasuries, tempered by caution regarding market volatility and financial risk.
KindlyMD’s aggressive capital raise and Bitcoin-focused approach place it on the short list of serious corporate contenders when it comes to cryptocurrency adoption.
