Health-Care Firm KindlyMD Plans $5B Equity Raise for Bitcoin Treasury

KindlyMD (NAKA), the Nasdaq-listed health-care company that recently merged with bitcoin (BTC) treasury firm Nakamoto, is set to offer as much as $5 billion in equity to fund the purchase of more BTC.

The Salt Lake City-based firm filed a shelf registration statement with the U.S. Securities and Exchange Commission (SEC) for an at-the-market equity offering program.

The program will allow the company to sell common stock with timing and amounts to be determined by a variety of factors, including market prices, the company said on Tuesday. The funds also be used for general corporate purposes, such as acquisitions of businesses, assets or or technologies.

KindlyMD commenced its bitcoin treasury strategy earlier this month, making its first acquisition of 5,743.91 BTC ($635.4 million) on or around Aug. 19.

NAKA shares fell 12% to $8.07 on Tuesday, bearing the burnt of BTC’s relatively depressed price action. Bitcoin has fallen over 10% since climbing to a high of over $123,000 in the middle of this month, according to CoinDesk data.

Read more: David Bailey’s Nakamoto Holdings Going Public Via Merger With KindlyMD; Shares Soar 650%