Plainly corporations whose services should not discovering takers within the present market are pivoting on the drop of a hat to turn out to be Bitcoin (BTCUSD) treasury corporations. Whereas essentially the most outstanding amongst them has been the Michael Saylor-led MicroStrategy (MSTR), not too long ago, two biotech corporations have additionally “rebranded” their enterprise operations to load up on the world’s largest cryptocurrency.
Among the many newest corporations to hitch this bandwagon is hashish firm KindlyMD (NAKA). Valued at a market cap of $90 million, KindlyMD’s shares have surged a formidable 742% within the yr up to now.
Based in 2019, KindlyMD is a Utah-based healthcare supplier that makes a speciality of different ache administration, together with via medicinal hashish use. Its licensed clinicians combine hashish remedy into holistic care plans, positioning the corporate as one of many largest Certified Medical Suppliers (QMPs) inside Utah’s regulated medical hashish framework.
However that is all set to go up in smoke as the corporate has been acquired by Bitcoin-centric funding agency Nakamoto Holdings. After the merger, the mixed firm will function with the KindlyMD identify and with the ticker image NAKA.
The entire transaction generated $540 million in gross proceeds via a non-public placement in public fairness (PIPE) financing, with a $200 million convertible observe additionally closed. Thus, with a $740 million warfare chest, the corporate aspires to amass 1 million BTC.
Commenting on the deal, CEO David Bailey mentioned, “Our imaginative and prescient is for the world’s capital markets to function on a Bitcoin customary. At the moment’s merger represents the start of that journey for our firm.” Bailey will proceed to stay the CEO of the merged entity. Co-founder of KindlyMD and ex-CEO Tim Pickett was additionally upbeat concerning the deal, saying, “We’re thrilled to formally shut our merger with Nakamoto. We’ve constructed KindlyMD on operational and revolutionary excellence, and we are actually extending that very same precept to our capital technique. Bitcoin provides us the power to protect worth with the identical integrity we apply to delivering care.”
