Health-care data company KindlyMD (NAKA), based in Salt Lake City, announced it raised $51.5 million through a private investment in public equity (PIPE) financing to increase its bitcoin purchases. The shares were priced at $5 each and the round was fully subscribed in under three days, according to Nakamoto founder and CEO David Bailey.
“We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible,” Bailey said.
This latest funding brings KindlyMD’s total capital raised to approximately $763 million, including earlier PIPE rounds and convertible note offerings.
Following the announcement, NAKA shares dropped about 7% in early trading, while the Nasdaq Composite index remained largely unchanged.
The transaction highlights a trend of public companies raising capital specifically to build cryptocurrency treasury reserves. This strategy mirrors that of software firm MicroStrategy (MSTR), the largest corporate bitcoin holder with 592,000 BTC valued at over $62 billion, according to BitcoinTreasuries.net.