Overview

• KindlyMD filed a Form S-3 automatic shelf registration authorizing up to $5 billion in securities, including an at-the-market stock sale program.
• Company disclosures reaffirm Bitcoin as the primary treasury reserve asset, with proceeds prioritized for continued accumulation alongside general corporate needs.
• Holdings stand at roughly 5,764.91 BTC after a recent 5,743.91 BTC purchase of about $679 million at a reported average price near $118,200 per BTC.
• Sales agents named in the program include TD Securities, Cantor Fitzgerald, B. Riley Securities, and Canaccord Genuity, with shares trading under the NAKA ticker on Nasdaq.
• NAKA fell about 12% after the announcement, with later reports showing a drop of more than 20% on Wednesday, as analysts flagged dilution, liquidity, and broader market fragility risks tied to corporate Bitcoin treasuries.