Fresh Off Bitcoin Merger, KindlyMD Unveils $5 Billion Funding Push
KindlyMD, a healthcare services firm listed on Nasdaq, has announced plans to raise up to $5 billion through an at-the-market equity offering program (ATM program) filed with the US Securities and Exchange Commission (SEC).
The company will issue and sell shares of its common stock under this program, which will give it flexibility to raise funds over time.
Bitcoin Treasury Strategy
In its official blog post, KindlyMD said that the proceeds will be used for a range of purposes, most notably to support its Bitcoin treasury strategy adopted after its merger with Nakamoto Holdings. Beyond this, the funds may also go toward working capital, acquisitions of businesses or technologies, capital expenditures, and investments in both existing operations and new projects.
David Bailey, Chief Executive Officer and Chairman of KindlyMD, said that the launch of the ATM Program represents a “pivotal step” in the Utah-based company’s long-term capital strategy and added,
Shares of the company fell sharply on August 26 and closed at $8.07, down 12% from the previous session’s close of $9.17. The stock traded lower for most of the day, after slipping from an early peak near $9.5 and bottoming just above $7.9 before stabilizing in the afternoon. In pre-market trading, shares were down another 2.11% to $7.90, which indicated continued pressure.
Bitcoin Buying Persists in Weak Market
KindlyMD began its Bitcoin strategy this month after completing a merger with Nakamoto Holdings. The move follows plans outlined in May to accumulate the cryptocurrency and grow per-share holdings, or “Bitcoin Yield,” using equity and debt offerings. Data from Bitcoin Treasuries revealed that it currently holds more BTC than firms including Semler Scientific and GameStop.
Several US-listed companies have steadily expanded their BTC reserves this year – a trend now joined by KindlyMD. The latest addition comes at a time when Bitcoin is struggling near $110,000, down about 7% over the past month.
The post Fresh Off Bitcoin Merger, KindlyMD Unveils $5 Billion Funding Push appeared first on CryptoPotato.
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