Nakamoto Holdings Raises $710M, Merges With KindlyMD To Build Bitcoin Treasury Holding Company

David Bailey's newly formed Bitcoin BTC/USD-native holding company, Nakamoto Holdings Inc., on Monday announced a definitive merger with Nasdaq-listed healthcare firm KindlyMD KDLY.

What Happened: The combined entity will establish a public-market Bitcoin treasury vehicle following a $710 million capital raise, consisting of $510 million in PIPE financing and $200 million in convertible notes, marking the largest capital raise of its kind for a crypto-related public transaction to date.

Bailey, who also heads BTC Inc. and Bitcoin investment firm UTXO Management, will serve as CEO of the merged company.

The move formalizes Nakamoto's strategy to bring Bitcoin into the structure of public equity and debt markets, positioning itself as a Bitcoin treasury-centric holding company operating within existing financial systems.

The transaction will also give public investors exposure to Bitcoin holdings through a regulated corporate structure.

"Nakamoto seeks to be the first publicly traded conglomerate designed to accelerate that future," Bailey said. "Our mission is to list Bitcoin-backed instruments on every major exchange."

KindlyMD, which operates a network of healthcare clinics focused on holistic pain management, will continue to run its existing medical operations independently under CEO Tim Pickett.

However, the primary aim of the merger lies in building out a scalable Bitcoin treasury infrastructure at the holding company level, backed by a wide pool of global investors.

Also Read: Bitcoin Taps $105,000: Here’s When It Could Hit $122,000

Why It Matters: The $510 million PIPE deal attracted over 200 institutional and individual investors from six continents.

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Named participants include Van Eck, ParaFi, Kingsway, and Arrington Capital, along with crypto figures such as Adam Back and Jihan Wu.

The $200 million in senior secured convertible notes were purchased solely by Yorkville Advisors.

Once completed, the combined company will continue to trade on Nasdaq under the ticker "KDLY" until a new name and ticker are adopted.

The board will be comprised of six Nakamoto appointees and one from KindlyMD.

The merger is subject to shareholder approval and standard closing conditions.

Nakamoto's stated goal is to grow its Bitcoin holdings and "Bitcoin yield" per share via equity and debt offerings.

Its business model intends to use treasury-backed instruments such as common stock, preferred shares, and hybrid financial products to integrate Bitcoin into capital markets infrastructure.

The company has also assumed a marketing agreement with BTC Inc. to promote its strategy across Bitcoin-native platforms.

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