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KindlyMD, Inc. (Nasdaq: KDLY), a Utah-based healthcare firm, is set to merge with Nakamoto Holdings Inc., a bitcoin-centric holding company, to form a publicly traded entity with a strategic focus on building a robust bitcoin treasury. The combined venture will be backed by $510 million in private equity funding and $200 million in convertible notes.
The boards of both companies have approved the deal, which, pending shareholder consent, will position David Bailey—founder of Nakamoto and CEO of BTC Inc. and UTXO Management—as the chief executive of the new entity. Tim Pickett, current CEO of KindlyMD, will continue to lead the healthcare division, maintaining the company’s commitment to combating opioid addiction through integrated and holistic medical care.
This merger represents a watershed moment in the intersection of traditional finance and bitcoin strategy. Not only is it the largest capital raise in support of a bitcoin treasury, but it also stands as the most significant private investment in public equity (PIPE) ever recorded in the crypto industry. Nakamoto plans to leverage this momentum to accumulate Bitcoin and enhance its “Bitcoin yield” per share through a mix of equity, debt, and hybrid financial instruments.
Nakamoto Sets Sights on Global Bitcoin Finance as Merger with KindlyMD Advances
David Bailey, founder of Nakamoto Holdings, outlined ambitious plans to introduce Bitcoin-linked financial products on a global scale, positioning the newly merged entity as the first conglomerate purpose-built to accelerate Bitcoin’s role in mainstream capital markets. The $710 million capital raise drew participation from over 200 investors, including Arrington Capital, Vaneck, and Metaplanet CEO Simon Gerovich.
KindlyMD will continue to operate its network of clinics, preserving insurance reimbursement systems and its commitment to patient-centered care. The unified company will harness the media and branding strength of BTC Inc. to amplify its bitcoin-focused growth strategy. Governance will fall under a six-member board, with the majority of seats held by Nakamoto representatives.
“This merger marks a pivotal opportunity for KindlyMD to broaden our mission and reach,” said KindlyMD CEO Tim Pickett. Bailey echoed the transformative vision, stating that Nakamoto intends to emulate traditional financial giants—only with Bitcoin as its foundational asset. The deal, advised by Cohen & Company Capital Markets and 10X Capital, is expected to close following regulatory approvals. Upon completion, KindlyMD’s shares will begin trading under a new ticker symbol. Relevant SEC filings are scheduled for release later this month.
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