KindlyMD, a Nasdaq-traded health-care firm that recently merged with bitcoin treasury company Nakamoto, said it plans to raise as much as $5 billion in equity to expand its Bitcoin (BTC) reserves.

The company filed a shelf registration with the Securities and Exchange Commission for an at-the-market stock program, allowing it to issue shares gradually at prevailing prices.

Proceeds will fund additional Bitcoin purchases and may also support acquisitions of other businesses or technologies.

First treasury purchase

KindlyMD launched its Bitcoin reserve strategy earlier this month, disclosing its first purchase of roughly 5,744 bitcoin valued at $635 million.

The company said future acquisitions will depend on market conditions and corporate priorities.

Following the announcement, NAKA shares slid 12% to $8.07, pressured by the new equity plan and Bitcoin’s recent decline.

The world’s largest cryptocurrency has fallen more than 10% since topping $123,000 in mid-August. As of press time, BTC was trading at $111,250, based on CryptoSlate data.

Part of a larger trend

KindlyMD’s pivot adds to a growing list of publicly traded firms adopting Bitcoin as a balance-sheet asset.

The strategy was popularized by Michael Saylor and his firm Strategy, which has accumulated more than 600,000 BTC in recent years. Its success has caused several companies, from payment firms to smaller corporates, to seek to diversify reserves via Bitcoin.

Advocates argue that Bitcoin can serve as a hedge against inflation and currency devaluation, though critics warn its volatility poses significant risks.

For KindlyMD, the move highlights how companies outside of finance are increasingly blurring the line between corporate strategy and digital asset investment, deepening exposure to crypto market swings while potentially reshaping how treasury management is viewed in traditional industries.

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