Healthcare provider KindlyMD witnessed its shares skyrocket 250% on Monday following the announcement of a merger with Nakamoto Holdings, a Bitcoin-native holding company founded by David Bailey—a key cryptocurrency advisor to US President Donald Trump.
This strategic combination transforms the opioid addiction treatment company into what Bailey envisions as the first of many Bitcoin treasury companies in a global network.
Bitcoin Treasury Strategy
The merger has attracted an impressive $710 million in financing: $510 million through a private investment in public equity (PIPE) transaction priced at $1.12 per share, plus $200 million in senior secured convertible notes maturing in 2028. Since news of the fund first emerged, Bailey claims to have raised an additional “almost $200 million” in a single day.
“I’ve been raising about $100 million a day,” Bailey told CNBC, highlighting the intense investor interest in the venture.
The capital raise has drawn over 200 investors spanning six continents, including notable investment firms like Arrington Capital, Van Eck, and Yorkville Advisors. Individual backers read like a who’s who of cryptocurrency pioneers: cryptographer Adam Back, former Coinbase executive Balaji Srinivasan, Bitmain co-founder Jihan Wu, and Mexican billionaire Ricardo Salinas.
Bailey, who has reportedly visited the White House at least six times since Trump took office, frames the venture in historic terms: “The financial institutions who defined their chapter in history have all carried the names of their founders: Medici, Rothschild, Morgan, Goldman. Today, we stake that legacy on Nakamoto.”
KindlyMD Healthcare Pivot
KindlyMD’s unexpected pivot to Bitcoin represents a dramatic shift for a company previously focused on combating opioid addiction through holistic health services. While CEO Tim Pickett will continue overseeing these healthcare operations, the combined company plans to rebrand, change its ticker symbol from “KDLY,” and begin actively acquiring Bitcoin-native companies.
“This merger represents a strategic leap for KindlyMD, allowing us to expand our mission,” said Pickett. “Nakamoto brings in a team with deep expertise in Bitcoin strategy and unparalleled access to the leading experts in Bitcoin treasury management.”
The combined company’s strategy mirrors but expands upon the approach pioneered by Michael Saylor’s MicroStrategy (now Strategy), which transformed from a software company into a Bitcoin holding firm in 2020. Bailey describes his vision as “Strategy, squared,” with plans extending beyond simply holding Bitcoin to actively creating Bitcoin treasury companies in “every capital market on the planet.”
“Our total focus is on increasing the Bitcoin per share,” Bailey explained. “We’re selling one Bitcoin for more than a Bitcoin, or we’re buying a Bitcoin for less than a Bitcoin.”
Upon completion of the merger, shares will continue trading on Nasdaq under “KDLY” until the anticipated rebranding and ticker change. The Board of Directors will consist of six Nakamoto appointees and one from KindlyMD.
Bitcoin currently trades around $102,000, having surpassed $100,000 last week for the first time since February—a favorable backdrop for Bailey’s ambitious plans to bring “Bitcoin to the center of global capital markets.”