KindlyMD has secured $200 million through a convertible note offering to enhance its Bitcoin treasury strategy. The Salt Lake City-based company announced the funding on August 15, 2025, following its merger with Nakamoto Holdings. The capital raise, led by YA II PN, Ltd., involves senior secured convertible notes with zero interest for the first two years, transitioning to a 6% annual rate until maturity in August 2028. The company plans to use the majority of the proceeds to purchase approximately 1,696 BTC at current market prices, significantly expanding its current holdings of 21 BTC. This move marks KindlyMD's shift from a healthcare data provider to an institutional Bitcoin treasury firm, reflecting a growing trend of corporate adoption of Bitcoin as a reserve asset.