KindlyMD, Inc. (NASDAQ: NAKA), a healthcare provider based in Salt Lake City, has entered the crypto space with a massive first purchase of Bitcoin.
According to the press release, the company confirmed that it bought 5,743.91 BTC through its fully owned subsidiary, Nakamoto Holdings. This is its first transaction since completing its recent merger.
The acquisition was completed at an average price of $118,204.88 per Bitcoin, for a combined cost of roughly $679 million.
KindlyMD said the purchase was funded with money raised from a Private Investment in Public Equity, better known as PIPE. This gave the deal a strong capital base without depending on debt.
Chief Executive Officer and Chairman David Bailey said the purchase is a clear sign of the company’s commitment to Bitcoin as a corporate asset.
“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike,” Bailey said in the official statement.
Bailey also shared a bigger goal for the company’s new treasury strategy, while describing Bitcoin as central to the future of finance. “Our long-term mission of accumulating one million Bitcoin reflects our belief that Bitcoin will anchor the next era of global finance, and we are committed to building the most trusted and transparent vehicle to achieve that future,” he said.
KindlyMD explained that the purchase is part of its Nakamoto Bitcoin Treasury program, which is designed to provide a reliable way for institutions to hold Bitcoin in large amounts.
Moreover, this is a trend that has recently been picking up in the corporate space where firms start holding cryptocurrency, especially Bitcoin in their Treasury as a store of value and a hedge against changing financial markets.
For instance, Strategy, a software firm which started this move now holds over 600,000 Bitcoin in its holding, worth $53.5 billion according to Arkham.
By combining its healthcare services background with its new Bitcoin treasury structure, KindlyMD now stands out as both a healthcare provider and a financial innovator.