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Nakamoto and KindlyMD Announce Merger to Establish Bitcoin Treasury, Raising $510 Million
David Bailey, a prominent figure in the Bitcoin ecosystem, has announced a merger between Nakamoto Holdings Inc. and KindlyMD, aiming to create the first publicly traded Bitcoin treasury. The deal, which was revealed on May 12, 2025, will see Nakamoto—an emerging Bitcoin-native holding company—join forces with KindlyMD, a healthcare services provider, to launch an ambitious Bitcoin treasury strategy.
As part of the merger, the combined company will aim to accumulate Bitcoin and leverage it to grow its Bitcoin holdings per share, a strategy aimed at delivering value to shareholders through a variety of equity and debt offerings. The merger has attracted significant financial backing, with $510 million raised through a private placement in public equity (PIPE) and an additional $200 million in senior secured convertible notes.
A New Chapter for Bitcoin in Public Markets
This merger marks a significant move toward integrating Bitcoin into mainstream capital markets. Nakamoto’s strategy, spearheaded by David Bailey, aims to create a Bitcoin treasury company that can be publicly traded, offering investors exposure to Bitcoin in a compliant, transparent structure.
Bailey, who is also the founder of BTC Inc and the co-founder of Bitcoin Magazine, emphasized that Nakamoto’s vision is to accelerate Bitcoin’s adoption by providing a clear pathway for investment through various market instruments like equity, debt, and hybrid structures.
“We believe a future is coming where every balance sheet—public or private—holds Bitcoin,” Bailey said, highlighting the strategic importance of the merger. He stressed that Nakamoto’s goal is to be the first publicly traded conglomerate designed to push Bitcoin into the heart of global financial markets.
Strategic Impact on KindlyMD and the Healthcare Industry
For KindlyMD, a company dedicated to providing integrated healthcare services, this merger represents a strategic leap. Tim Pickett, CEO of KindlyMD, expressed that Nakamoto’s expertise in Bitcoin strategy and treasury management would strengthen KindlyMD’s healthcare operations and drive long-term value for shareholders.
Under the combined entity, KindlyMD will continue its focus on combating the opioid crisis through holistic healthcare services, while leveraging Nakamoto’s Bitcoin treasury strategy to explore new avenues for growth and expansion. KindlyMD’s specialized outpatient services, including mental health integration and alternative medicine education, will remain at the core of the company’s healthcare model.
A Seasoned Team with Industry-Leading Expertise
Upon completion of the merger, the combined company will be led by David Bailey as CEO. Bailey’s leadership, with decades of experience in the Bitcoin ecosystem, positions Nakamoto as a strong contender in bridging the gap between Bitcoin and traditional finance. He will be supported by a seasoned management team with deep expertise in Bitcoin and digital finance.
The Board of Directors will include six directors appointed by Nakamoto and one appointed by KindlyMD, reflecting the combined expertise and diverse perspectives in both Bitcoin and healthcare. The board is set to be finalized before the merger closes.
Transaction Details and Future Outlook
The transaction will see KindlyMD’s shares continue to trade on Nasdaq under the symbol “KDLY” until the combined company takes on a new name and ticker symbol. The PIPE financing, priced at $1.12 per share, attracted over 200 investors from six continents, including some of the leading global investment firms and Bitcoin ecosystem participants. These include Actai Ventures, Arrington Capital, and Van Eck, among others.
The merger and accompanying financings are expected to close concurrently, subject to approval from KindlyMD’s shareholders and customary closing conditions. As part of the deal, Nakamoto will assume a marketing services agreement with BTC Inc., ensuring ongoing support for the Bitcoin treasury strategy.
A Step Forward for Bitcoin and Public Markets
This merger represents a bold step in the evolving relationship between Bitcoin and traditional financial markets. By combining Nakamoto’s Bitcoin treasury strategy with KindlyMD’s healthcare operations, the newly formed entity will look to lead the way in integrating Bitcoin into mainstream capital markets while continuing to expand its healthcare initiatives.
With a growing number of institutional investors showing interest, the merger signals that Bitcoin’s role in global finance may be reaching a new inflection point. Investors will be watching closely to see how the newly formed company navigates this unique cross-industry strategy and whether it can deliver on its promise to bring Bitcoin to the center of global capital markets.
