KindlyMD and Nakamoto Build a New Public Bitcoin-Treasury Company
KindlyMD completed its merger with Nakamoto, raised hundreds of millions of dollars for Bitcoin purchases, and days later acquired 5,743.91 BTC for about $679 million. The sequence transformed an announced treasury strategy into a funded, operating public-company Bitcoin vehicle.
On August 14, 2025, KindlyMD completed its previously announced merger with Nakamoto Holdings, making Nakamoto a wholly owned subsidiary and placing David Bailey at the head of the combined Nasdaq-listed company. The transaction closed with roughly $540 million of PIPE financing intended in large part to fund a Bitcoin treasury strategy.
Five days later, the company announced its first major post-merger Bitcoin acquisition: 5,743.91 BTC purchased for approximately $679 million at a weighted average price of $118,204.88 per Bitcoin. Including existing holdings, the acquisition brought the company’s total to 5,764.91 BTC. The purchase was important because it converted the merger’s Bitcoin-treasury thesis into an executed balance-sheet position.
KindlyMD then established additional financing capacity, including an at-the-market equity program, giving the combined company a mechanism to raise capital over time. The structure placed it within the rapidly expanding 2025 category of public companies whose capital-markets strategy was explicitly organized around accumulating Bitcoin.
The merger, first large purchase, and financing framework were closely connected stages of the same corporate transformation. Within days, Nakamoto moved from an announced structure into a functioning public Bitcoin-treasury company with substantial holdings and mechanisms for further capital raising.