Shareholders of KindlyMD have approved a merger with Bitcoin investment firm Nakamoto Holdings, paving the way for the creation of a publicly traded conglomerate focused on Bitcoin.
A May 20 announcement from the U.S.-based healthcare provider indicated that both firms will now prepare information statements for the Securities and Exchange Commission.
The merger is anticipated to conclude 20 days after these disclosures are provided to shareholders, with a target completion date set for the third quarter of 2025.
Nakamoto Holdings, led by David Bailey, an advisor to Donald Trump on cryptocurrency issues, is a newly formed entity aiming to unite Bitcoin-centric businesses under one umbrella.
This agreement offers Nakamoto Holdings a Nasdaq-listed platform to further its goal of establishing Bitcoin as a fundamental asset in global capital markets.
The new company plans to increase its Bitcoin holdings per share through equity, debt, and hybrid offerings, a strategy that Bailey labels as “Bitcoin Yield.”
While KindlyMD will continue to operate its clinics focused on opioid reduction and alternative therapies, the primary emphasis of the new entity will transition to financial matters instead of medical issues.
“We value KindlyMD’s alignment with our vision for a future where Bitcoin is a core component of corporate balance sheets, providing investors worldwide with exposure to the world’s most valuable asset and store of value,” Bailey stated in a related announcement.
The companies first announced the proposed merger on May 12, detailing plans to create a network of Bitcoin-focused firms while leveraging the combined balance sheet to acquire BTC.
The merger announcement was accompanied by a capital raise of $710 million, with Nakamoto securing $510 million through private placement and $200 million via convertible notes—reportedly the largest PIPE in any public crypto-related transaction to date.
Bailey, set to be the CEO of the merged entity, has likened his vision to building a modern equivalent of the Rothschilds or Morgans, but with Bitcoin as the reserve asset.
“Every balance sheet, whether public or private, will include Bitcoin,” he noted at the time.
After the merger announcement, shares of KindlyMD (KDLY) surged over 650% in premarket trading. On May 20, shares closed at $15.22, a 9% gain for the day, and climbed an additional 4.8% in after-hours trading. KDLY has now risen over 979% year-to-date.
Bitcoin’s Growing Role as a Treasury Asset
As Bitcoin becomes increasingly recognized as a corporate treasury asset, the KindlyMD–Nakamoto merger contributes to a wider trend among public companies around the globe that are incorporating Bitcoin into their financial strategies.
In the healthcare sector, Basel Medical Group has begun exclusive negotiations to acquire up to $1 billion worth of Bitcoin earlier this month. Furthermore, Semler Scientific has been actively building a significant Bitcoin reserve, holding 3,808 BTC as of May 21.
In Latin America, Brazilian fintech Méliuz has become the first publicly traded company in the region to adopt Bitcoin as a treasury asset following shareholder approval this month.
In the Middle East, Al Abraaj Group has initiated its Bitcoin strategy with an initial purchase of 5 BTC, indicating plans for further acquisitions.
Strategy—formerly MicroStrategy—was the initial major public company to designate Bitcoin as a primary treasury asset in 2020, thus popularizing the corporate Bitcoin initiative.
Recently, the firm announced a new acquisition of $765 million, adding 7,390 BTC to its balance sheet.
