Nakamoto Holdings, led by Bitcoin Magazine CEO David Bailey, has announced a $710 million capital raise and a strategic merger with healthcare provider KindlyMD (Nasdaq: KDLY) to form what is forecasted to become the first publicly traded company with a dedicated Bitcoin treasury as its core asset.
The deal includes $510 million in equity financing through private placement and $200 million via convertible bonds - the latter underwritten by Yorkville Advisors. The newly formed entity will retain KDLY’s ticker on Nasdaq during the transition and will focus on using Bitcoin as a treasury reserve and long-term asset allocation strategy.
Bitcoin as an Institutional Financial Instrument
Bailey, who will serve as CEO of the merged company, stated that the initiative is designed to establish Bitcoin as the foundation of modern capital markets - on par with stocks and bonds. He emphasized that the goal is to create broad investor access to Bitcoin through regulated, institutional-grade vehicles.
“This is a long-term effort to normalize Bitcoin in global financial infrastructure. Nakamoto will pioneer how cryptocurrency can function as a reserve asset within publicly listed companies,” Bailey noted.
The operational arm of KindlyMD - which includes four clinical facilities in Utah - will remain under the leadership of CEO Tim Pickett. The board of directors will be composed of six Nakamoto representatives and one from KindlyMD, pending shareholder approval.
Institutional Support and Market Reaction
The private round attracted a range of institutional and private investors, including Arrington Capital, VanEck, Yorkville Advisors, and high-profile figures such as Bitmain co-founder Jihan Wu and Semler Scientific CEO Eric Semler. The scale and structure of the raise suggest growing institutional interest in Bitcoin treasury strategies.
Following the announcement, KindlyMD’s stock surged by 404.87%, trading at $19.69 - a market reaction that mirrors a similar surge seen in April when Upexi stock rose 583% after announcing a Solana reserve strategy.
Forecasting Bitcoin’s Role in Treasury Management
Industry analysts predict that this merger could accelerate a trend toward corporate Bitcoin adoption as a reserve asset - particularly among companies seeking inflation hedges or alternative stores of value. The move also signals a broader shift in capital formation strategies, where crypto-native companies seek public market entry through strategic mergers rather than traditional IPOs.
In parallel, Nakamoto Holdings has entered into a marketing partnership with BTC Inc., the parent company of Bitcoin Magazine, to promote the Bitcoin treasury initiative and raise awareness among institutional investors.
As Bitcoin’s role in capital crypto markets evolves, such high-profile integrations are expected to further legitimize the asset class and provide new pathways for investors to gain regulated exposure to digital assets.
