KindlyMD’s Q3 2025: Bitcoin Treasury Growth and Strategic Investments

TLDR

• KindlyMD successfully merged with Nakamoto Holdings to create a unified Bitcoin-focused platform.
• The company raised $540 million in gross proceeds and $200 million in convertible notes to support its Bitcoin treasury.
• KindlyMD accumulated 5,765 Bitcoin at an average price of $118,204.88, investing approximately $681 million.
• The company made strategic investments including $15 million in Treasury BV and $30 million in Metaplanet Inc.
• KindlyMD appointed Amanda Fabiano as Chief Operating Officer to lead the execution of its strategic Bitcoin roadmap.

KindlyMD, Inc. (NASDAQ: NAKA) reported its financial and operational results for Q3 2025, alongside updates on its Bitcoin treasury strategy. The company made key advancements in its strategy, including the merger with Nakamoto Holdings, Inc., and the purchase of Bitcoin to strengthen its treasury. As of September 30, 2025, KindlyMD held 5,398 Bitcoin, marking its progress in building a Bitcoin-focused business model.

Kindly MD, Inc., NAKA

Strategic Developments and Bitcoin Treasury Expansion

In May 2025, KindlyMD merged with Nakamoto, creating a unified platform dedicated to Bitcoin and integrated healthcare services. The merger was followed by a successful fundraising effort, securing approximately $540 million in gross proceeds and $200 million in convertible notes. These funds supported Nakamoto’s strategy of acquiring Bitcoin as a long-term asset and using it to fuel growth within the digital currency ecosystem.

“We set clear goals, merged our companies, established a Bitcoin treasury, and began investing strategically, and we delivered on all three,” said David Bailey, Chairman and CEO. KindlyMD has since accumulated 5,765 Bitcoin at an average price of $118,204.88 per Bitcoin, totaling an investment of approximately $681 million.

In line with its strategy, KindlyMD secured key partnerships and investments. The company signed an agreement to acquire BTC Inc, a leading Bitcoin-focused media company, and UTXO Management GP, LLC, a high-conviction Bitcoin hedge fund. These acquisitions aim to broaden Nakamoto’s operational footprint by adding media, advisory, and financial services to its platform.

Q3 2025 Financial Performance and Investments

For Q3 2025, KindlyMD reported total revenue of $0.4 million, a decrease from $0.6 million in Q3 2024. The decrease reflects the impact of the ongoing transition towards Bitcoin-related activities and the early stages of Nakamoto’s strategy. Operating expenses for the quarter reached $10.8 million, primarily driven by increased spending in strategic initiatives related to the Bitcoin treasury.

Net loss for Q3 2025 was $86.0 million, or $(0.42) per diluted share, compared to a loss of $1.0 million, or $(0.17) per share, in the same period last year. The loss was driven by a $59.8 million non-cash charge for the Nakamoto acquisition and a $22.1 million unrealized loss on Bitcoin assets. The company also recorded a $1.4 million loss from Bitcoin sales to fund strategic investments in Bitcoin treasury companies.

KindlyMD’s investments included a $15 million stake in Treasury BV, a Bitcoin treasury company in the Netherlands, and a $30 million investment in Japan’s Metaplanet Inc. Both investments reflect the company’s focus on expanding its global Bitcoin holdings.

KindlyMD Raises $5.6 Million Through ATM Program

KindlyMD has also enhanced its leadership team with the appointment of Amanda Fabiano as Chief Operating Officer. Fabiano brings extensive experience from her roles at Galaxy and Fidelity, where she focused on Bitcoin mining and capital markets. Fabiano’s leadership will play a key role in executing Nakamoto’s strategic roadmap.

To support its growth, KindlyMD established a $5 billion at-the-market (ATM) equity offering program. The company raised $5.6 million through this offering at an average share price of $4.15 per share. The program helps the company grow its Bitcoin treasury and fund its strategic investments without diluting shareholder value.

As of November 12, 2025, KindlyMD held 5,398 Bitcoin, which it continues to leverage as part of its long-term strategy. The company remains committed to growing its Bitcoin treasury and expanding its investment portfolio to strengthen its position in the digital currency market.

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