Overview

• The Nasdaq-listed company secured Well-Known Seasoned Issuer status and set up an at-the-market program of up to $5 billion, with sales to be handled by agents including TD Securities, Cantor Fitzgerald, B. Riley and Canaccord Genuity.
• Proceeds are earmarked first for expanding its Bitcoin reserve policy, with additional allowances for acquisitions, debt repayment, capital spending and working capital.
• KindlyMD recently disclosed its first treasury purchase of roughly 5,744 BTC (about $679 million), bringing total holdings to approximately 5,765 BTC.
• NAKA shares fell about 12% after the announcement and were reported lower again on Wednesday as investors weighed dilution risk and Bitcoin’s recent pullback.
• At current prices near $111,000 per BTC, journalists estimate a full $5 billion raise could add around 44,900 BTC and place KindlyMD among large corporate holders, while analysts warn of potential shareholder dilution and liquidity strains from equity-funded digital asset treasuries.