Nasdaq firm plans $5 billion for Bitcoin – stock plummets

KindlyMD, a Nasdaq-listed company, announced on Tuesday the filing of a shelf registration statement with the U.S. Securities and Exchange Commission (SEC).
The company intends to use this to establish an at-the-market (ATM) equity program with a volume of up to five billion US dollars. According to the company's announcement, the net proceeds will be used to finance general business purposes, including the targeted expansion of the company's Bitcoin treasury.
The program allows for the sale of new common shares through various distribution partners, including TD Securities, Cantor Fitzgerald and B. Riley Securities.
KindlyMD unveiled its new crypto strategy earlier this month following the completion of its merger with Bitcoin-focused company Nakamoto Holdings.
As part of this realignment, the first purchase of 5,744 Bitcoin took place.
“With this transaction, we underscore our commitment to a long-term Bitcoin strategy,” the company said in a statement.
The company is following a trend that Strategy founder Michael Saylor started with the creation of an extensive Bitcoin treasury.
In recent months, numerous other listed companies have shifted parts of their cash reserves into Bitcoin and, in part, into other cryptocurrencies such as Ethereum, Solana, BNB, and XRP.

Contrary to expectations, KindlyMD's share price (ticker: NAKA) has fallen by 14 percent. The BTC price is also currently undergoing a correction – but has recovered slightly.

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