Utah-based telehealth provider KindlyMD is now channeling millions into Bitcoin via its expected merger with Nakamoto. The latest $51.5 million PIPE round proves investors are all-in on the crypto pivot, even as skeptics question the long-term play.

KindlyMD and Nakamoto Holdings, the Bitcoin (BTC)-focused investment firm founded by David Bailey, announced on June 20 that they have secured an additional $51.5 million in PIPE financing, bringing their total committed capital for Bitcoin treasury accumulation to $763 million.

The latest round, priced at $5 per share in KindlyMD stock, was fully subscribed in under 72 hours, signaling strong institutional interest despite broader market uncertainty.

“Investor demand for Nakamoto is incredibly strong. This additional financing was raised in under 72 hours, adding the option for more working capital in addition to acquiring bitcoin. We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible,” David Bailey, Founder and CEO of Nakamoto, said.

According to the statement, KindlyMD will use the funds to purchase Bitcoin and bolster working capital once its expected merger with Nakamoto closes following shareholder approval.

Nakamoto’s latest capital raise is part of a broader trend: corporations are stockpiling Bitcoin at an unprecedented pace. The number of companies executing formal Bitcoin treasury strategies now exceeds 220, according to public filings and data from BitcoinTreasuries.net.

That list includes Strategy, the Michael Saylor-led firm that pioneered corporate BTC accumulation during the pandemic, as well as relative newcomers like Semler Scientific and Metaplanet, which are deploying capital into BTC as both a treasury reserve and a long-term hedge against inflation and currency debasement.

However, while institutional investor appetite for Bitcoin continues to rise, analysts warn that BTC-focused corporate treasuries pose various risks, including liquidity concerns, regulatory uncertainties and crypto market’s notorious volatility, which can force firms to sell at a loss in bear markets.