- KindlyMD raised $200M via convertible notes (plus $540M PIPE earlier) to expand its Bitcoin holdings.
- The firm follows the MicroStrategy model, aiming to grow its BTC treasury while trading on Nasdaq under ticker NAKA.
- Bitcoin trades near $116K after hitting $124K ATH, with corporate treasuries increasingly competing for long-term exposure.
KindlyMD just pulled off another big move in its Bitcoin playbook. The company announced it has closed a $200 million convertible note deal, with most of that cash already earmarked for—you guessed it—more BTC.
This fresh raise comes on top of $540 million from a private placement in public equity (PIPE) that wrapped up as Kindly merged with Nakamoto Holdings earlier this year. The combined entity is keeping the KindlyMD name, but its focus is shifting heavily toward Bitcoin exposure.
Why the Raise Matters
According to the company’s statement, the funds won’t just pad its BTC stack. Some will go toward working capital and corporate needs. Still, the strategy is clear: build one of the bigger Bitcoin treasuries among public firms. The note offering was managed by YA II PN, Ltd., tied to hedge fund Yorkville Advisors.
KindlyMD stock (Nasdaq: NAKA) slipped 12% on Monday, showing how investors remain torn. For some, buying the stock is basically a way to get indirect exposure to Bitcoin without holding it outright.
The Bigger Picture
Kindly’s pivot has echoes of MicroStrategy (now often just called “Strategy”), which made headlines back in 2020 when Michael Saylor steered it into Bitcoin. Since then, its stock has ballooned over 2,700%. Strategy currently holds 629,376 BTC, worth north of $73 billion, making it the biggest corporate holder by far.
KindlyMD is trying a similar play—just at a smaller scale for now. It joins 168 public companies with Bitcoin reserves, a number that keeps growing as corporate treasuries dip into crypto. Other notable names include Twenty One, a new group backed by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, sitting on 43,500 BTC.
Bitcoin Market Context
Bitcoin itself is in a turbulent but historic zone. After breaking to a fresh all-time high of $124,128 last week, it slipped about 1% to trade at $116,605 at the time of writing. Moves like Kindly’s are seen as bullish pressure points for BTC in the long run—even if short-term volatility keeps shaking weaker hands.
Meanwhile, the ecosystem keeps delivering stories of extremes. Just this week, a solo miner defied all odds and scooped a $365,000 BTC reward by solving block 910,440—proof that even small players occasionally hit jackpot territory in a network dominated by giants.
