KindlyMD merges with bitcoin-holding firm, expands into the cryptocurrency market

The roster of individual investors reads like a who's who of bitcoin — cryptographer Adam Back

The price of bitcoin is up over 6% in the past 24 hours, according to CoinDesk data. The cryptocurrency was trading above $104,000 Monday morning.

Bitcoin lept above $100,000 on Thursday morning for the first time since February, as the cryptocurrency continues its rally in 2024.

The price of bitcoin has risen sharply this year, increasing more than 160% in 2024 so far. The cryptocurrency's price is now up around 480% from lows hit in late 2022.

The cryptocurrency has also passed the $100,000 mark in internal testing on several occasions this year, but it has yet to sustain moves above that level.

The price of bitcoin is still a way off its record highs of nearly $70,000, which bitcoin hit in late 2021.

KindlyMD, a company that provides clinics offering treatment for opioid addiction, said Monday that it would be merging with a bitcoin-focused investment firm in a move that will see the company's stock begin trading on the Nasdaq exchange.

The company, which will continue to be listed on the Nasdaq, said that it would be renamed and receive a new ticker symbol following the merger. It will also apply to list its stock on a major exchange in due course.

KindlyMD's shares will continue to trade under the "KDLY" ticker and the company will continue to be known as KindlyMD until the merger is complete in the third quarter of 2024.

The merger will see the company combine with a firm called "Nakamoto," which is led by Barry Bailey and focuses on acquiring and holding bitcoin. The strategy is becoming increasingly popular among investment firms, which are pivoting their stock into a direct play on the cryptocurrency's price.

"We believe a future is coming where every balance sheet – public or private – will hold bitcoin," Bailey said in a statement.

"This merger represents a strategic leap for KindlyMD, enabling us to expand our mission to impact lives in even greater ways," added Tim Pickett, CEO of KindlyMD. "Nakamoto brings a team with deep expertise in bitcoin strategy and unparalleled access to the leading experts in bitcoin treasury management."

Pickett will continue to oversee KindlyMD's healthcare operations, which will continue to focus on treating opioid addiction and offering patient-first care, the company said.

"Together, we're crafting a bold new vision that will drive long-term value for our shareholders," Pickett concluded.