David Bailey’s Nakamoto closes KindlyMD merger for Bitcoin treasury

David Bailey’s Bitcoin firm, Nakamoto, has completed its merger with healthcare company KindlyMD, forming a publicly-traded Bitcoin treasury vehicle with a 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

Nakamoto is among many companies with ambitious plans to acquire a large portion of Bitcoin’s fixed supply of 21 million coins.

Bailey is the CEO and chairman of the newly merged entity, while KindlyMD’s former CEO, Tim Pickett, will manage the firm’s healthcare operations as chief medical officer, the company said on Thursday

KindlyMD shares rose 13.4% on the news, adding to its triple-digit price rally since May 12, when two companies announced the merger agreement.

“Our vision is for the world’s capital markets to operate on a Bitcoin standard. Today’s merger represents the beginning of that journey for our company,” said Bailey, who has served as a Bitcoin adviser to US President Donald Trump.

KindlyMD said its mission is to acquire 1 million Bitcoin (BTC), make Bitcoin more accessible to investors and build a suite of Bitcoin products to assist corporate and government adoptions.

Source: David BaileyMichael Saylor’s Strategy already holds 628,946 Bitcoin and has signaled no plans to slow down, while Metaplanet and Semler Scientific unveiled plans to accumulate 210,000 Bitcoin and 105,000 Bitcoin, respectively, by the end of 2027.

Bitcoin exchange-traded fund issuers like BlackRock and Fidelity are also amassing Bitcoin at scale, driving up even more demand for the scarce asset.

21 BTC down, 999,979 to go

KindlyMD currently only holds 21 Bitcoin, though it plans to channel $540 million from its recent PIPE (placement in public equity) financing into building a more substantial Bitcoin treasury, it noted.

At current market prices, KindlyMD could add another 4,544 Bitcoin to its balance sheet, placing it in the top 20 Bitcoin treasury firms by total holdings, BitBo’s Bitcoin Treasuries dashboard shows.

Related: US Treasury’s Scott Bessent backpedals: Bitcoin buying still possible

KindlyMD also expects to close the previously announced $200 million convertible note offering tomorrow.

KindlyMD unveils new board leaders

KindlyMD also announced several additions to its board, including Eric Weiss — the founder of Bitcoin Investment Group and a man known for orange-pilling Saylor — and Mark Yusco, the founder and CEO of Morgan Creek Capital Management.

General Counsel and partner of Multcoin Capital, Greg Xethalis, and Digital Chamber chair, Perianna Boring, were among the others included.

NAKA shares soar

The 13.4% rally sent NAKA’s share price to $15.02 and lifted its market cap to $114.25 million, Google Finance data shows.

KindlyMD is now up $2.85 since it announced the merger agreement on May 12, continuing the trend of strong price appreciation among Bitcoin-buying firms.

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