KindlyMD, a Salt Lake City-based health-care data company, has raised an additional $51.5 million to fund its bitcoin treasury plan. This latest funding round increases the company’s total capital raised to about $763 million. The funds are meant to buy bitcoin after the company’s planned merger with bitcoin-focused Nakamoto Holdings is approved by shareholders.
The money came from a private placement equity financing round, also known as PIPE. Shares of KindlyMD were offered at $5 each, and the entire round was fully subscribed in less than three days.
David Bailey, founder and CEO of Nakamoto Holdings, said, “We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible.”
Despite the fundraising success, KindlyMD’s shares dropped about 7% early on Friday. The broader Nasdaq Composite index stayed mostly flat during that time.
The merger between KindlyMD and Nakamoto Holdings is still awaiting shareholder approval. Once completed, all raised funds will be converted into bitcoin as part of their treasury strategy.
This move comes after a growing trend of public companies building bitcoin treasuries. MicroStrategy, a software firm, is one of the biggest corporate holders of bitcoin, with over 592,000 BTC. Its strategy involves issuing debt and selling shares to buy digital assets.
Currently, around 228 companies have set up corporate bitcoin treasuries. Newcomers to this group include firms like GameStop, Metaplanet, Semler Scientific, Twenty One, and Trump Media.
Nakamoto and KindlyMD now have enough cash to buy around 7,316 bitcoins, with each bitcoin priced at about $104,300. Back in May, they aimed to raise $710 million, with $510 million coming from PIPE and $200 million from special loan notes.
David Bailey noted the quick success of the latest funding round, which was raised within 72 hours. He also runs Bitcoin Magazine.
This growing number of companies investing in bitcoin shows a rising interest in the cryptocurrency for corporate treasuries. Analysts say this trend could create steady demand and support bitcoin’s long-term price outlook, even if short-term market conditions remain challenging.
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