David Bailey’s Bitcoin-focused firm, Nakamoto, has completed its merger with healthcare company KindlyMD, forming a new publicly traded entity on the Nasdaq under the ticker NAKA.
The move transforms KindlyMD into a dedicated Bitcoin treasury vehicle, with ambitions to acquire up to 1 million Bitcoin.
Merger details
The merged entity will continue to operate under the KindlyMD name, with Nakamoto as a wholly owned subsidiary.
David Bailey will serve as CEO and chairman, while KindlyMD’s former CEO, Tim Pickett, will take the role of chief medical officer.
Shares of KindlyMD surged 13.4% following the merger news, contributing to a significant rally since the agreement was announced in May.
Bailey outlined the company’s vision:
“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.”
Ambitious bitcoin treasury plans
KindlyMD stated its mission is to acquire 1 million Bitcoin, make Bitcoin more accessible to investors, and develop Bitcoin products for corporate and government use.
Currently, the company holds only 21 Bitcoin but plans to use $540 million from recent PIPE financing to expand its holdings.
According to Bitbo’s Bitcoin Treasuries dashboard, this could place KindlyMD among the top 20 public bitcoin treasury holders.
A $200 million convertible note offering is also expected to close soon.
Board expansion and market impact
New board members include Eric Weiss, Mark Yusco, Greg Xethalis, and Perianna Boring, bringing additional Bitcoin sector expertise.
The company’s market capitalization reached $114.25 million after the merger, with its share price rising to $15.02.
competitive landscape for bitcoin treasuries
Other firms such as MicroStrategy, Metaplanet, and Semler Scientific are also aggressively expanding their Bitcoin reserves.
Additionally, large ETF issuers including BlackRock and Fidelity continue to accumulate Bitcoin, intensifying demand for the asset.
