KindlyMD Inc. (KDLY) Merges with Nakamoto Holdings to Form a Bitcoin Treasury Vehicle

KindlyMD Inc. (KDLY), an integrated healthcare services provider, has agreed to merge with Nakamoto Holdings, a bitcoin-native holding firm

KindlyMD Inc (NASDAQ:KDLY) has agreed to merge with bitcoin-native holding firm Nakamoto Holdings, founded by David Bailey, to form a publicly traded BTC treasury vehicle, the company said in a press release Monday.

The combined entity has secured a total of $710 million in financing. Of this, $510 million will come via PIPE, priced at $1.12 per share and consisting of common stock and warrants in KindlyMD, and $200 million in convertible notes. This makes it the largest capital raise to launch a bitcoin treasury to date.

Nakamoto’s/Bailey’s strategy will focus on accumulating bitcoin and growing per-share BTC holdings through equity, debt, and structured offerings, the release stated.

Bitcoin treasury vehicles are becoming increasingly popular as crypto enters the financial mainstream. Last week, Strive Asset Management said it was merging with NASDAQ-listed Asset Entities (NASDAQ:ASST) to become a publicly traded bitcoin treasury company.

Nakamoto's PIPE also attracted more than 200 global investors, including VanEck, ParaFi, Arrington Capital, and crypto figures like Adam Back and Balaji Srinivasan, the company added.

KindlyMD will continue its healthcare operations under CEO Tim Pickett, while bitcoin treasury functions will shift under Nakamoto's leadership following the merger.

The merger is still subject to shareholder approval and regulatory clearance, with a new name and ticker to follow.

KDLY shares are soaring in premarket action, advancing 650% to $29 versus Friday's close of $3.90.