KindlyMD unit commits $30 million in Metaplanet’s Bitcoin-focused equity raise

David Bailey's Nakamoto, a KindlyMD subsidiary, said it has committed up to $30 million to participate in Metaplanet's global equity offering, marking its largest investment to date and its first in an Asian public company with a bitcoin treasury strategy.

In a statement released Tuesday, Nakamoto said that the funding is scheduled to close on Sept. 16, with stock delivery expected the following day. 

The investment comes as part of Metaplanet's international equity financing, with proceeds earmarked mainly for bitcoin purchases. Metaplanet said Tuesday it plans to issue 385 million new shares, raising about $1.4 billion to support its bitcoin accumulation strategy. 

Metaplanet, listed on the Tokyo Stock Exchange, has positioned itself as Japan's first public company to adopt bitcoin as a primary treasury asset. On Monday, it disclosed the purchase of an additional 136 BTC for about $15.2 million, bringing its total holdings to 20,136 BTC and ranking it as the world's sixth-largest publicly traded corporate bitcoin holder.

KindlyMD's entry into bitcoin treasury operations stems from its August merger with Nakamoto Holdings, transforming the healthcare company into a dual-focused entity combining medical services with cryptocurrency investments. 

KindlyMD's shares (NAKA) surged 77.2% on Nasdaq on Tuesday to close at $8.08, according to Google Finance data. Despite falling 43.4% over the past month, the stock remains up 551.6% year-to-date.