KindlyMD Inc. (KDLY), an integrated healthcare services provider, has agreed to merge with Nakamoto Holdings, a bitcoin-native holding firm founded by David Bailey, to form a publicly traded BTC treasury vehicle, the company said in a press release Monday.
The combined entity has secured a total of $710 million in financing, $510 million via PIPE, priced at $1.12 per share and consisting of common stock and warrants in KindlyMD, and $200 million in convertible notes, making it the largest capital raise to launch a bitcoin treasury to date.
Nakamoto’s/Bailey’s strategy centers on accumulating bitcoin and growing per-share BTC holdings through equity, debt, and structured offerings, the release said.
Bitcoin treasury vehicles are becoming increasingly popular as crypto enters the financial mainstream. Strive Asset Management said last week that it was merging with NASDAQ-listed Asset Entities (ASST) to become a publicly traded bitcoin treasury company.
The Nakamoto PIPE attracted over 200 global investors, including VanEck, ParaFi, Arrington Capital, and crypto figures like Adam Back and Balaji Srinivasan, the company said.
KindlyMD will continue its healthcare operations under CEO Tim Pickett, while bitcoin treasury functions shift under Nakamoto’s leadership.
The merger is subject to shareholder approval and regulatory clearance, with a new name and ticker to follow.
KDLY shares are soaring in premarket action, ahead 650% to $29 versus Friday’s close of $3.90.
Read more: Bitcoin to See Additional $330B of Corporate Treasury Inflows by 2029: Bernstein
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