KindlyMD merged with Nakamoto to build a Bitcoin treasury and now trades under the ticker NAKA on Nasdaq.
The company plans to buy one million Bitcoin using funds raised through equity and convertible note offerings.
KindlyMD shares rose over 13% after the merger and aims to join the top Bitcoin holding companies.
Bitcoin-focused firm Nakamoto has officially merged with healthcare company KindlyMD. The combined company will continue to trade on the Nasdaq under the ticker symbol NAKA. Nakamoto will operate as a wholly owned subsidiary of KindlyMD. David Bailey now leads the new entity as CEO and chairman. Former KindlyMD CEO Tim Pickett will oversee healthcare operations as chief medical officer.
https://twitter.com/Cointelegraph/status/1956174078919807081
The merger adds momentum to a growing trend of public companies building large Bitcoin treasuries. KindlyMD shares jumped 13.4% following the merger's completion. This follows a significant price increase since the merger was first announced in May.
Ambitious Bitcoin Accumulation Plans Unveiled
The merged firm plans to accumulate one million Bitcoin over time. This target represents nearly 5% of Bitcoin’s fixed 21 million supply. The strategy mirrors the aggressive Bitcoin acquisition models of other firms. These include MicroStrategy, Metaplanet, and Semler Scientific. Currently, KindlyMD holds 21 Bitcoin but intends to expand that number rapidly.
To support its Bitcoin plans, KindlyMD raised $540 million through a public equity placement. At current prices, the company could acquire over 4,500 Bitcoin. That would place KindlyMD among the top 20 Bitcoin treasuries globally. The company also plans to finalize a $200 million convertible note offering this week.
Board Expanded to Strengthen Bitcoin Focus
KindlyMD announced several high-profile board additions. These include Eric Weiss of Bitcoin Investment Group and Mark Yusco of Morgan Creek Capital Management. The new board also features Greg Xethalis from Multicoin Capital and Digital Chamber chair Perianne Boring. These appointments reflect a strong push toward building out Bitcoin-focused expertise.
The leadership additions aim to support KindlyMD’s broader goal. The firm wants to create accessible Bitcoin investment tools for institutional and retail investors. The strategy includes equity, debt, and other offerings designed to grow per-share Bitcoin holdings.
Market Response and Industry Trends
KindlyMD’s stock closed at $15.02 following the merger news. Its market cap rose to $114.25 million, according to Google Finance. The price increase reflects investor confidence in its Bitcoin-focused strategy.
KindlyMD joins a growing number of companies adopting Bitcoin-only treasury models. This approach has gained popularity as firms seek alternatives to traditional reserves. Analysts suggest the trend highlights increasing long-term structural demand for Bitcoin.
The company believes that raising capital through a mix of debt and equity will accelerate Bitcoin accumulation. It has adopted the same strategy popularized by MicroStrategy’s Michael Saylor.
