David Bailey’s Nakamoto Merges with KindlyMD to Launch Bitcoin-Focused Treasury Strategy

KindlyMD, Inc. has entered into a definitive merger agreement announced on May 12, 2025, with Nakamoto Holdings Inc., a Bitcoin-native holding company founded by BTC Inc. CEO David Bailey. 

The transaction involves a massive $710 million in financing through a mix of private placement and convertible notes.

The deal will create a publicly traded entity focused on executing a Bitcoin-focused treasury strategy. 

Of the total raise, $510 million came via a private investment in public equity (PIPE) at $1.12 per share, while $200 million was raised through senior secured convertible notes set to mature in 2028. 

The combined company aims to package Bitcoin into equity, debt, preferred shares, and hybrid financial instruments to make it more accessible worldwide to institutional and retail investors.

Bailey, who will lead the new entity as CEO, emphasized the mission to position Bitcoin at the heart of global capital markets. 

“Nakamoto is building the first publicly traded conglomerate designed to accelerate that future. The financial institutions that defined history bore the names of their founders Medici, Rothschild, Morgan, and Goldman. Today, we stake that legacy on Nakamoto,”

he said.

Global Investors Flock to Bitcoin Vision

KindlyMD, known for its integrated pain management and mental health clinics across Utah, will continue to lead its healthcare operations under Tim Pickett’s leadership. 

Meanwhile, the combined company’s board will consist of six directors from Nakamoto and one from KindlyMD. KindlyMD shares will continue trading on Nasdaq under the ticker “KDLY” until a new symbol is announced.

The PIPE financing attracted over 200 global investors, including institutional players like Actai Ventures, Arrington Capital, Van Eck, and ParaFi. 

Notable individuals backing the deal include Adam Back, Balaji Srinivasan, Jihan Wu, and Ricardo Salinas. YA II PN, Ltd., managed by Yorkville Advisors, was the sole purchaser of the convertible notes.

Metaplanet Heads to Miami, Eyes $250M Raise to Supercharge Bitcoin Strategy

Similarly, in a May 1 post on X, Metaplanet revealed it had launched a wholly owned subsidiary in Florida, with headquarters set in Miami. 

According to the announcement, the Florida-based arm aimed to raise up to $250 million in capital, primarily targeting U.S. institutional investors. 

The firm stated that the new entity would help “fuel its Bitcoin accumulation strategy” while also extending operations into a new timezone.

Metaplanet described Florida as a “rapidly emerging hub for Bitcoin-focused companies and financial innovation,” citing the state’s “business-friendly policies and rising status as a global center of capital and technology.” 

The firm emphasized that Florida’s pro-Bitcoin stance was a key factor in its decision, pointing to ongoing corporate adoption and financial liberalization.