KindlyMD (NAKA) Raises $51.5M for More Bitcoin Buying Power

KindlyMD (NAKA), a Salt Lake City-based health-care data firm merging with bitcoin-focused holding company Nakamoto, raised another $51.5 million for bitcoin

purchases, the companies announced Friday.

The private placement equity financing round, also known as PIPE, was priced at $5 per share of common stock in KindlyMD. The financing was fully subscribed in less than 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,” he said in a statement.

This fundraising brings the firm’s total capital raise to around $763 million, including previous PIPE financing and convertible notes offering.

NAKA shares fell around 7% in the early Friday session. The Nasdaq Composite index was little changed.

The move comes as a growing roster of public companies raise capital to create crypto treasury strategies, reminiscent of software firm Strategy’s (MSTR) long-running play to issue debt and sell shares for purchasing digital assets. Strategy is the largest corporate bitcoin holder with 592,00 BTC, worth over $62 billion, BitcoinTreasuries.net data shows.