(Artur Widak/Getty Images)

Nakamoto launches $5 billion ATM program to buy bitcoin

The company’s stock plummeted as investors digested the news on Wednesday.

8/27/25 9:28AM

Nakamoto, the bitcoin-native venture helmed by Trump crypto adviser David Bailey that recently completed its merger with KindlyMD, filed a “shelf” offering with the SEC to launch a $5 billion at-the-market program, primarily to buy more bitcoin as well as for working capital and potential acquisitions of businesses, assets, or technologies, according to the filing.

The company, which made its first bitcoin purchase as a public company last week, now holds 5,744 bitcoin.

Shares were down over 24% in early trading Wednesday, while bitcoin finally broke past the $112,000 mark.

“Excited to partner with TD Securities and 9 other leading financial institutions to execute a $5B ATM offering. It’ll take us a while to build the necessary liquidity to complete the program, but it’ll be a critical tool as we execute our strategy,” Bailey posted on X.

The other agents include Cantor, B. Riley Securities, Benchmark, Canaccord Genuity, Cohen & Company Capital Markets, Craig-Hallum, Needham & Company, and Yorkville Securities.

Fellow bitcoin treasury Metaplanet is also amping up the ante, announcing it plans to raise up to 130.3 billion yen ($880 million) by issuing up to 5 million new shares in an international offering, according to a regulatory filing. The bulk of the proceeds will be used to buy bitcoin.

While shares of Metaplanet have surged 155% year to date, they have been struggling in the past month, down 30%.

CEO Simon Gerovich and Nakamoto’s Bailey arrived together at the Bitcoin Asia Conference in Hong Kong today.

In other bitcoin news:

Bitcoin miner Hut 8 announced plans to develop four new sites across the US with more than 1.5 gigawatts of total capacity. The announcement comes a few days before the “carve-out and go-public of nearly all its bitcoin mining assets through American Bitcoin (ABTC), likely to be executed in a little more than a week — a transaction that could lead to a re-rating of HUT shares,” Benchmark analyst Mark Palmer wrote in a Wednesday note. He added, “Carving out ABTC is not just structurally separating the businesses but deliberately pursuing a lower cost of capital for its energy infrastructure effort.” Benchmark reiterated its “buy” rating on the company and raised its price target to $36 from $33 — a 38% upside from its current price.
Global Asian food platform DDC Enterprise continued its steady accumulation, acquiring 102 bitcoin in its fifth purchase this month. The company now holds 1,008 bitcoin.
Finally, Swedish company H100 Group acquired 46.2 bitcoin and now holds 957.5 bitcoin.

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Ripple launches treasury platform to manage cash and cryptocurrencies

Ripple, the firm closely tied to the fifth-largest cryptocurrency, XRP, introduced a new treasury platform for digital asset and traditional cash management for users like financial officers, treasurers, and accountants.

Ripple’s move comes more than three months after it acquired treasury software provider GTreasury for $1 billion, one of several steps to grow the firm’s position in corporate finance.

Combining Ripple’s blockchain rails and GTreasury’s software, the new platform’s goal is to simplify treasury operations. It eliminates settlement delays with payment times of three to five seconds and optimizes yield from working capital 24/7 through tokenized money market funds such as BlackRock’s BUIDL and overnight secure repo markets with RLUSD, according to a Tuesday blog post.

Ripple Treasury also aims to provide “real-time cash positions, automated forecasting, and seamless reporting across traditional cash, digital assets, RLUSD, and XRP holdings,” the blog post stated.

Last year, Ripple filed its national banking license application with the US Office of the Comptroller of the Currency, while the firm’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account, which would allow Ripple to hold RLUSD reserves directly with the Fed.

XRP has seen $2.4 billion in trading volume in the last 24 hours, increasing 1.8% in the period. The token’s all-time high was set in July 2025 at $3.65. Meanwhile, spot XRP ETFs had nearly $9.2 million worth of inflows on Tuesday, bringing cumulative inflows to $1.4 billion.

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