tl;dr
David Bailey’s Bitcoin firm Nakamoto merged with healthcare company KindlyMD, creating a publicly traded Bitcoin treasury vehicle aiming to accumulate 1 million Bitcoin. The merged company retains the KindlyMD name, trades on Nasdaq as NAKA, with Bailey as CEO and chairman and Tim Pickett as chief m...
David Bailey’s Bitcoin firm, Nakamoto, has completed its merger with healthcare company KindlyMD, forming a publicly traded Bitcoin treasury vehicle with an ambitious plan to accumulate 1 million Bitcoin. The merged entity will retain the KindlyMD name and continue trading on the Nasdaq under the ticker NAKA, with Nakamoto operating as a wholly owned subsidiary. Bailey assumes the role of CEO and chairman of the newly merged company, while KindlyMD’s former CEO, Tim Pickett, will oversee healthcare operations as chief medical officer.
The merger reflects a growing trend among companies aiming to acquire significant portions of Bitcoin’s fixed 21 million coin supply. Bailey expressed the company’s vision for the world's capital markets to operate on a Bitcoin standard, marking this merger as the beginning of that journey. Currently, KindlyMD holds just 21 Bitcoin but plans to invest $540 million from recent public equity financing into expanding its Bitcoin treasury. At current prices, this could add approximately 4,544 Bitcoin, placing KindlyMD among the top 20 Bitcoin treasury holders globally.
KindlyMD also anticipates closing a $200 million convertible note offering soon and has strengthened its board with notable figures such as Eric Weiss, founder of Bitcoin Investment Group, and Mark Yusco, founder and CEO of Morgan Creek Capital Management. These additions bolster the company's strategic positioning in the Bitcoin investment space.
Shares of KindlyMD surged 13.4% following the announcement, bringing the stock price to $15.02 and elevating the company’s market capitalization to $114.25 million. This rise adds to a triple-digit price rally that began after the merger announcement on May 12, reflecting strong investor enthusiasm for firms with substantial Bitcoin acquisition plans.
Notably, this move aligns KindlyMD with other major Bitcoin holders such as Michael Saylor’s Strategy, which owns over 628,000 Bitcoin, and companies like Metaplanet and Semler Scientific targeting acquisitions of 210,000 and 105,000 Bitcoin, respectively, by 2027. Additionally, Bitcoin ETF issuers like BlackRock and Fidelity continue to accumulate Bitcoin, contributing to increased demand and market momentum for the cryptocurrency.