KindlyMD, a healthcare services company, has entered into a merger agreement with Nakamoto Holdings, a Bitcoin-focused holding company.
KindlyMD, a healthcare services company, is merging with Nakamoto Holdings, a Bitcoin-focused holding company, to launch a Bitcoin treasury, merging in a deal that values KindlyMD at around $1 billion, and will see the combined company adopt a Bitcoin treasury strategy. The companies announced the merger on Monday.
The combined company, which will retain the KindlyMD ticker (NASDAQ:KDLY) is managed to launch with a bitcoin treasury and is planning to launch a network of firms holding bitcoin reserves, as part of a broader aim to support adoption of the cryptocurrency. It will also be developing ventures in media, advisory and financial services to support the bitcoin ecosystem.
Nakamoto was recently founded by crypto adviser to US President Donald Trump, David Bailey, who will become CEO of the merged company.
“Traditional finance and Bitcoin-native markets are converging. The securitization of Bitcoin will redraw the world’s economic map,” said Bailey.
“We believe a future is coming where every balance sheet – public or private – holds bitcoin. Nakamoto seeks to be the first publicly traded conglomerate designed to accelerate that.”
The management team is expected to include individuals with experience in the bitcoin industry. Among his roles, Bailey is founder of BTC Inc, which owns Bitcoin Magazine and organises the Bitcoin Term Conference. He is also a general partner at UTXO Management, a bitcoin investment firm.
The combined company plans to accumulate bitcoin and grow its bitcoin holdings on a per-share basis, a strategy that will involve equity, debt and other financial instruments. The structure is intended to offer public investors in the US regulated and transparent exposure to bitcoin.
More than 200 investors from six continents participated in a PIPE round as part of the transaction, which is still subject to regulatory approvals and customary closing conditions.
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