Historic Crypto-Healthcare Merger: Nakamoto and KindlyMD Announce $710M Deal to Build Bitcoin-Powered Treasury
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In a landmark merger that could reshape how Bitcoin integrates with public markets, healthcare provider KindlyMD, Inc. (Nasdaq: KDLY) has announced a $710 million merger agreement with bitcoin-native holding firm Nakamoto Holdings Inc. The new entity aims to create the first publicly traded company centered around a Bitcoin treasury strategy.
The deal includes $510 million in private equity investments and an additional $200 million in convertible notes, making it the largest capital raise in history for a Bitcoin treasury vehicle—and the most significant PIPE (private investment in public equity) transaction the crypto industry has ever seen.
Following board approval from both companies, the merger will place David Bailey, founder of Nakamoto and current CEO of BTC Inc. and UTXO Management, at the helm of the new company as chief executive. KindlyMD’s current CEO, Tim Pickett, will continue to lead the healthcare division, which remains committed to tackling the opioid crisis through holistic care services.
Bailey reportedly shared that the company’s long-term vision includes listing Bitcoin-related financial instruments on exchanges around the world. He described Nakamoto as a new kind of conglomerate—one built specifically to integrate Bitcoin into the heart of global capital markets. The strategy involves growing the company’s “bitcoin yield per share” by leveraging a mix of equity, debt, and hybrid instruments.
More than 200 investors backed the deal, including notable names such as Arrington Capital, Vaneck, and Metaplanet CEO Simon Gerovich. The combined company will utilize BTC Inc.’s marketing capabilities to amplify its Bitcoin strategy while continuing to operate KindlyMD’s healthcare services without interruption. Insurance reimbursements and patient care commitments will remain in place.
Pickett reportedly expressed that the merger gives KindlyMD the ability to broaden its mission and impact. Meanwhile, Bailey noted that the merged company aims to function similarly to legacy financial institutions—only with Bitcoin at its core.
The company’s governance will be managed by a six-member board, primarily composed of Nakamoto appointees. Investment firms Cohen & Company Capital Markets and 10X Capital acted as advisors for the transaction.
Pending shareholder and regulatory approvals, the merger is expected to close soon. Once finalized, KindlyMD shares will begin trading under a new ticker symbol. Official SEC filings with full deal details are anticipated to be released later this month.
