KindlyMD merges with Bitcoin-native holding company Nakamoto Holdings to build a BTC treasury

Healthcare services provider KindlyMD has merged with Bitcoin (BTC)-native holding company Nakamoto Holdings to form a BTC treasury, the companies announced on May 12.

The new company, which will be fully focused on accumulating Bitcoin, is the first in a planned global network of Bitcoin treasury companies that is being launched in partnership with BTC Inc, the company behind Bitcoin Magazine and the annual Bitcoin Conference.

The company will be rolling out an ecosystem of Bitcoin-native companies, including media, financial and advisory services, all aiming to accelerate Bitcoin adoption and utility.

The company resulting from the new merger will aim to maximize the accumulation of Bitcoin and the growth of the BTC held per share.

The company plans to use equity, debt and other offerings to achieve its objectives. The announcement promises that the company will provide "market exposure to Bitcoin within a compliant, transparent structure."

The company will be led by crypto adviser to US President Donald Trump, David Bailey, who said that the combined company plans to "bring Bitcoin to the center of global capital markets" by integrating it into equity, debt, preferred shares and "new hybrid structures."

Bailey added: “We are creating a unique and powerful platform to amplify the role of Bitcoin in the global financial landscape.”

The firm’s shares will continue to be traded on Nasdaq under the symbol “KDLY.” The newly formed company will be renamed and trade under a new ticker.

The transaction has been unanimously approved by the board of directors of both Nakamoto Holdings and KindlyMD and will also require the approval of the latter company’s shareholders.

The transaction includes $510 million in gross proceeds from a private placement in public equity priced at $1.12 per share and consisting of common stock and pre-funded warrants in KindlyMD and $200 million in gross proceeds from the sale of senior secured convertible notes maturing in 2028.

The financing is expected to close in conjunction with the merger.

Upon completion, the newly combined firm will inherit the obligations and business relationships of Nakamoto Holdings, including marketing services provided by BTC Inc., the publisher of Bitcoin Magazine and organizer of the annual Bitcoin Conference.