KindlyMD and Nakamoto Holdings Merge to Launch $710M Bitcoin Treasury Company

Highlights:

• KindlyMD has merged with Nakamoto Holdings to create a Bitcoin treasury company.
• Nakamoto Holdings aims to integrate Bitcoin into global capital markets through equity and debt instruments.
• The new company will operate under a new name once the merger is complete.

Healthcare provider KindlyMD has announced that it has entered a merger deal with Nakamoto Holdings, a Bitcoin-focused holding company headed by the founder of BTC Inc., David Bailey. The deal announced today has $710 million in financing in the form of a private placement along with convertible notes. The agreement will form a publicly traded company. The new company plans to develop a Bitcoin treasury such as the one followed by strategy. In addition, it will expand the number of Bitcoin held on a per-share basis.

🚀 Exciting news in the crypto world! Nakamoto Holdings has merged with KindlyMD to establish a Bitcoin treasury, aiming to integrate BTC into global capital markets. This could redefine how institutions handle Bitcoin investments! #BTC #Mercex #MercexNews 🌍💰

— Mercex (@mercex_io) May 12, 2025

The capital raise includes $510 million from a private investment in public equity at $1.12 per share. In addition, it includes $200 million from senior secured convertible notes due in 2028. This transaction marks the largest funding round for a Bitcoin treasury firm. Moreover, it represents the largest PIPE deal for a public crypto-related company. While KindlyMD continues to provide healthcare services, the combined company will build a financial structure that supports long-term Bitcoin accumulation.

David Bailey will serve as the CEO of the merged company, while Tim Pickett runs KindlyMD. The company plans to operate under a new name after completing the merger.

Plan to Integrate Bitcoin into Global Markets

Nakamoto Holdings plans to introduce Bitcoin-based financial instruments that integrate into equity, debt, preferred shares, and other hybrid offerings. David Bailey said the firm wants these investment tools to be accessible in all major exchanges all over the world. He stated that this union of traditional finance and markets that are Bitcoin-concentrated will transform the financial system. In addition, it will place Bitcoin at the center of capital markets.

The newly formed company will also receive support from the publisher of Bitcoin Magazine. Nakamoto Holdings intends to use the media and advisory network of BTC Inc. to attract investors to the company. The long-term goal includes building an ecosystem of Bitcoin-native firms offering media, financial services, and advisory support.

Bailey compared the company’s ambitions to the legacy of financial names like Morgan and Rothschild. He said the new entity stakes that legacy on the name Nakamoto, reflecting its commitment to Bitcoin as a core financial asset.

Shareholder Approval and Board Structure in Focus

The private investment in public equity financing has attracted many international investors cutting across different continents but united by interest in Bitcoin. Well-known figures who attended the round were Adam Back, Jihan Wu, and Eric Semler.

The board of the new company will be made up of 7 directors, with Nakamoto appointing 6 of the directors. Moreover, KindlyMD will appoint one director. The final board appointments will be announced before the deal closes. KindlyMD’s clinical work in Utah will continue, with a focus on reducing opioid use through integrated pain and mental health treatment.

The merger is still pending approval from KindlyMD shareholders. In particular, the merger must meet other standard closing conditions. The companies plan to file additional details in a current report on Form 8-K with the Securities and Exchange Commission.