KindlyMD, Inc. (NASDAQ: KDLY), a healthcare services provider, has entered a definitive merger agreement with Nakamoto Holdings, a Bitcoin-focused investment company led by David Bailey. The merger, announced on May 12, 2025, includes a $710 million investment—$510 million from a private investment in public equity (PIPE) round and $200 million in convertible bonds. Major institutional backers such as Van Eck, Actai Ventures, and Arrington Capital, as well as prominent individuals including Adam Back and Ricardo Salinas, are participating in the deal.
The new combined entity will focus on building a public market Bitcoin Treasury, integrating healthcare operations and Bitcoin investment strategies. David Bailey will serve as CEO, aiming to develop a platform that incorporates Bitcoin as a core financial asset while offering media, finance, and consulting services. The firm plans to increase its Bitcoin holdings using both equity and debt mechanisms, while maintaining KindlyMD’s healthcare segment.
Future strategies include the introduction of Bitcoin-backed financial products to major exchanges under strict compliance standards, providing public investors with traditional market exposure to Bitcoin. Though subject to regulatory and shareholder approval, the board for the merged company will primarily feature representatives from Nakamoto, with ongoing legal and financial advisement from major law and capital firms. Both Bailey and the organization express their vision to accelerate Bitcoin adoption and transform global capital markets by promoting Bitcoin-backed instruments to institutes and retail investors alike.