KindlyMD secures $679 million in bitcoin to begin Nakamoto treasury buildout

KindlyMD, a healthcare firm turned bitcoin treasury vehicle after its merger with David Bailey’s Nakamoto Holdings, purchased 5,744 BTC for about $679 million to kick off its ambitious bitcoin accumulation plan.

The firm completed its merger with Nakamoto in mid-August, combining capital from an upsized $540 million PIPE financing and a concurrent $200 million convertible note offering. After buying its first tranche of BTC at an average price of $118,204, the newly merged entity trading under the ticker NAKA says it now holds a total of 5,764.91 bitcoins.

The acquisition enters KindlyMD into the growing landscape of institutional bitcoin holders. While Michael Saylor’s Strategy still leads with more than 629,376 BTC value at over $72 billion, the addition positions KindlyMD in the top 20 publicly tracked Bitcoin treasury holders, according to The Block’s data dashboard. Indeed, the firm holds more BTC than incumbents like Semler Scientific, GameStop, and Cango Inc.

Nakamoto aims to eventually accumulate up to 5% of bitcoin’s 21 million hard-capped supply, a feat that would require purchasing over 1 million BTC. “Our long-term mission of accumulating one million Bitcoin reflects our belief that Bitcoin will anchor the next era of global finance,” said NAKA CEO and Chairman David Bailey. 

The aggressive accumulation approach comes amid rising institutional demand for Bitcoin exposure and the expansion of digital asset treasuries as a new asset class.

Pioneered by Strategy, these public companies raise capital through public equity, debt, and preferred instruments that traditional investors can easily understand and hold. They then park the cash in BTC or other crypto assets as part of a corporate crypto balance sheet. So far, public entities have amassed almost 4% of BTC’s supply, or about 771,850 BTC worth roughly $89 billion, The Block’s data shows.