When KindlyMD submitted a $5 billion ATM issuance application to the SEC, and Metaplanet announced an $881 million fundraising plan with 95% allocated for purchasing Bitcoin—August 27, 2025, became a landmark moment for institutionalization in the crypto world: the total amount of Bitcoin-related financing and investment plans disclosed by global listed companies in a single day reached $5.881 billion, and the capital market is providing unprecedented ammunition for Bitcoin allocation.
1. Financing Nuclear Bomb: KindlyMD's $5 Billion ATM Plan
The ATM issuance plan submitted by KindlyMD to the SEC shocked the market:
- Unprecedented Scale: The $5 billion limit sets a record for the scale of ATM issuance in crypto concept stocks, demonstrating extreme optimism about its Bitcoin treasury strategy.
- Strategic Synergy: This plan aligns with the Bitcoin financial strategy post-merger with Nakamoto Holdings, aiming to build a new corporate structure centered around Bitcoin as the core asset.
- Execution Flexibility: The ATM (At-The-Market) mechanism allows the company to issue shares and raise funds at any time based on market conditions, providing a continuous source of funding for Bitcoin allocation.
2. Japanese Model: Metaplanet's Precision Targeted Fundraising
Metaplanet's detailed fundraising plan showcases the precise planning of Japanese companies:
- Clear Use of Funds: Of the total fundraising amount of $881 million, $837 million (95%) will be directly used to increase BTC holdings, with the remainder allocated for operating funds.
- Issuance Details: The issuance price per share is 3,000 yen, with a maximum issuance of approximately 1.66 million shares, and the subscription period is from September 1 to 15, 2025.
- Strategic Continuation: This fundraising is a continuation of its Bitcoin strategy, and upon completion, its BTC holdings are expected to double.
3. Allocation Innovation: Computing Power Cooperation and Holding Growth
New allocation models are emerging:
- Ruihe Digital (Hong Kong): Collaborated with Bitmain to configure BTC assets through "HOST ANTMINER" cloud computing power services, creating a new model of "indirect holding through computing power income," reducing the market impact cost and price risk of direct coin purchases.
- Bitcoin Treasury Capital (Sweden): The Q2 report shows that within 38 days of going public, BTC holdings increased from 147 to 187, a growth of 27%, proving the effectiveness of public market financing in accelerating Bitcoin allocation.
4. Trend Insights: Innovation in Financing Models and Large-scale Capital Inflow
Yesterday's dynamics revealed the new phase characteristics of Bitcoin institutionalization:
Exponential Growth in Financing Scale: A single company's $5 billion financing limit indicates that Bitcoin allocation is shifting from "exploratory" to "strategic," requiring a completely different scale of funding.
Diversification of Financing Tools: From traditional targeted placements (Metaplanet) to flexible ATM issuances (KindlyMD), and to computing power cooperation models (Ruihe Digital), companies choose the optimal capital path based on their circumstances.
Global Model Differentiation: American companies prefer flexible ATM mechanisms, Japanese companies excel in precise targeted placements, while European companies steadily increase holdings through public financing, showing regional characteristics.
Data shows that in Q3 2025, the total amount of financing for crypto allocation by global listed companies has exceeded $20 billion, more than double the total of Q1 and Q2 combined.
The $5.8 billion single-day financing plan is not just a number but a clear signal: the capital market has opened a huge funding gate for listed companies to allocate Bitcoin. From KindlyMD's $5 billion ATM to Metaplanet's $881 million targeted placement, an institutional arms race centered on Bitcoin has entered a capital-intensive phase.
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