David Bailey's Nakamoto to merge with KindlyMD, raise $710 million to start bitcoin treasury strategy

Bitcoin-native holding company Nakamoto, founded by Bitcoin Magazine CEO David Bailey, has entered into an agreement to merge with healthcare firm KindlyMD to launch a public bitcoin treasury strategy.

The combined company will aim both to accumulate bitcoin and grow the bitcoin owned on a per share basis, or "Bitcoin Yield," through a variety of equity, debt, and other offerings, according to a statement on Monday. Bailey, a key player in President Trump's newfound pro-bitcoin stance, will lead the combined company as CEO upon closure of the transaction.

The deal includes a $510 million private investment in public equity and $200 million in convertible notes — the largest capital raise to fund a bitcoin treasury company and the biggest PIPE for any public crypto-related transaction, the companies claimed. The PIPE and debt financings are expected to close at the same time as the merger.

"Traditional finance and bitcoin-native markets are converging," Bailey said. "The securitization of bitcoin will redraw the world's economic map. We believe a future is coming where every balance sheet — public or private — holds bitcoin. Nakamoto seeks to be the first publicly traded conglomerate designed to accelerate that."

"The financial institutions who defined their chapter in history have all carried the names of their founders: Medici, Rothschild, Morgan, Goldman. Today, we stake that legacy on Nakamoto," Bailey added.

The combined company will maintain KindlyMD's healthcare operations while accelerating Nakamoto's vision of a Bitcoin-native financial conglomerate supported by BTC Inc's media and advisory network — the firm behind Bitcoin Magazine.

"This merger represents a strategic leap for KindlyMD, allowing us to expand our mission," KindlyMD CEO Tim Pickett said. "Nakamoto brings in a team with deep expertise in bitcoin strategy and unparalleled access to the leading experts in bitcoin treasury management. It's a bold new vision that will drive long-term value for our shareholders."

The combined company's board will include six directors appointed by Nakamoto and one by KindlyMD, with all appointments to be announced before the deal closes. KindlyMD shares will remain listed on Nasdaq under the ticker "KDLY" until the merger is complete, after which the combined company plans to adopt a new name and trading symbol.

The transaction is subject to standard closing conditions and must be approved by KindlyMD shareholders.

There are now more than 70 companies that have adopted some form of bitcoin treasury, with Cantor Fitzgerald, SoftBank, Bitfinex, and Tether recently announcing the planned launch of a $3.6 billion bitcoin venture called Twenty One, joining the likes of Semler Scientific, KULR, and Metaplanet in adopting a bitcoin acquisition model, pioneered by Strategy (formerly MicroStrategy).