Utah-based healthcare company KindlyMD has bought 5,743.91 BTC through its subsidiary, Nakamoto Holdings, spending $679 million. This purchase increases its total Bitcoin holdings to 5,764.91 BTC. The company aims to gather 1 million BTC, joining other aggressive corporate buyers in the crypto market.
KindlyMD Shops Amid Market Dip
The company announced that it has bought $679 million in Bitcoin, paying an average price of $118,204.88 for each coin. This purchase was made possible by a private investment in public equity (PIPE) deal, demonstrating strong investor trust. KindlyMD is a healthcare company that puts patients first. It combines traditional primary care, pain management, behavioral health, and alternative therapies to offer comprehensive care.
The healthcare provider is now listed as NAKA on Nasdaq after merging with Nakamoto Holdings, a Bitcoin-focused company led by David Bailey. Together, the duo firms created a publicly traded Bitcoin treasury. This move aligns KindlyMD with other companies like Strategy and Metaplanet, which are stashing the apex coin during market downturns.
The healthcare firm currently owns 5,764.91 BTC, making it one of the top 20 companies holding bitcoin. It plans to use $540 million from recent funding to buy more Bitcoin. This purchase comes at a time when bitcoin’s price has plummeted to around $115,000, allowing KindlyMD to take advantage of a market dip and increase its reserves.
Institutional Buyers Stabilize Crypto Market
Institutional investors, like KindlyMD, are helping to stabilize Bitcoin’s market by strategically buying it to reduce price swings. Recently, Bitcoin and Ethereum exchange-traded funds (ETFs) in the U.S. saw total withdrawals of $319 million, which included $121.7 million from Bitcoin ETFs and $196.6 million from Ethereum ETFs.
Despite challenges, investors remain hopeful. They feel confident because companies like Metaplanet and Strategy are purchasing large amounts of Bitcoin. Metaplanet recently bought 775 BTC, while Strategy holds 629,376 BTC. These purchases show that more companies see Bitcoin as a dependable long-term investment.
KindlyMD’s strong approach, backed by $740 million in total funding, highlights the trend of increasing institutional investment, as it aims to amass 1 million BTC, joining top corporate buyers.
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