Nakamoto and KindlyMD Announce $710M Merger to Launch Bitcoin Treasury Strategy

May 12, 2025

The combined company plans to deploy an aggressive Bitcoin treasury strategy, focusing on accumulating Bitcoin

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.