Bitcoin Magazine CEO David Bailey’s holding company Nakamoto will merge with KindlyMD and raise $710 million to fund a new Bitcoin-native treasury model.
Background
- Bitcoin-native holding firm Nakamoto, led by Bitcoin Magazine CEO David Bailey, announced a definitive agreement to merge with Utah-based healthcare company KindlyMD.
- The combined company plans to deploy an aggressive Bitcoin treasury strategy, focusing on accumulating Bitcoin and increasing the "Bitcoin per share" metric for investors.
- The transaction includes a $510 million private investment in public equity (PIPE) and $200 million in convertible notes, totaling $710 million in new capital, making it the largest capital raise to date for a Bitcoin treasury company.
- Upon completion of the merger, Bailey will serve as CEO of the merged entity.
Why should you pay attention?
- This marks one of the most ambitious public Bitcoin treasury launches yet, aiming to integrate Bitcoin strategy with traditional finance through a Nasdaq-listed entity.
- It underscores a growing trend of Bitcoin integration into public companies' balance sheets, following in the footsteps of Strategy (formerly MicroStrategy), Metaplanet, and others.
- The deal is a milestone for crypto in public markets, positioning Nakamoto as a leader in a space where Bitcoin adoption is accelerating across industries.
Who said what?
- David Bailey, CEO of Nakamoto, stated:
“The securitization of bitcoin will redraw the world’s economic map… We believe a future is coming where every balance sheet holds Bitcoin.”
- On naming the company, Bailey added:
“The financial institutions who defined their chapter in history have all carried the names of their founders… We stake that legacy on Nakamoto.”
- Tim Pickett, CEO of KindlyMD, said:
“This merger represents a strategic leap for KindlyMD… Nakamoto brings a team with deep expertise in Bitcoin strategy and unparalleled access to top experts in treasury management.”
Zooming out
- The merged company plans to maintain KindlyMD’s healthcare business while building a Bitcoin-native financial conglomerate, supported by BTC Inc’s media and advisory arms.
- The merged entity will trade under a new name and ticker symbol, replacing KindlyMD's current Nasdaq listing ("KDLY").
- It joins a growing cohort of companies, including Cantor Fitzgerald, SoftBank, Semler Scientific, and Metaplanet, embracing Bitcoin as a core treasury asset, a model initially popularized by Michael Saylor’s Strategy.
- As regulatory clarity around crypto improves and institutional interest in Bitcoin intensifies, Bailey’s bold move positions Nakamoto as a new heavyweight in the digital asset corporate market.
