Healthcare data firm KindlyMD said it bought 5,743.91 Bitcoin for about $679 million through its wholly owned subsidiary, Nakamoto Holdings, paying an average $118,204.88 per coin. The purchase—its first since completing a merger with Nakamoto in May—lifts the company’s treasury to roughly 5,765 BTC, making it one of the largest corporate holders of the cryptocurrency. KindlyMD financed the acquisition with a $200 million convertible-note sale that closed on Tuesday and part of a $540 million private-placement in public equity completed earlier this month. Chief Executive Officer David Bailey said the move "reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike." Investors appeared wary of the expanded crypto exposure. Shares of the Nasdaq-listed company, which trades under the symbol NAKA, fell more than 12% after the announcement, even as Bitcoin hovered near $113,000 following a recent record above $124,000.