Kindly MD, a Nasdaq-listed healthcare firm, has filed for an automatic shelf registration statement for up to $5 billion following a $679 million Bitcoin purchase. The company aims to establish Bitcoin as its primary treasury reserve asset, asserting its belief in Bitcoin as the ultimate reserve for institutions. While this move positions Kindly MD as a more seasoned issuer in capital markets, industry analysts express concern that such Bitcoin-heavy treasury strategies could drain liquidity from the broader altcoin market. Kelvin Koh, a CIO at Spartan Group, highlighted that the growth of digital asset treasuries (DATs) may negatively impact altcoin liquidity, as institutional adoption for Bitcoin surges. He warned that an influx of firms adopting similar treasury strategies risks market volatility and fragility. Other companies, such as Sequans Communications, are also diversifying into Bitcoin-focused treasuries, further indicating a trend among institutional entities in the crypto space.

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