Nakamoto Holdings, the Bitcoin holding company founded by crypto media entrepreneur David Bailey, has secured an additional $51.5 million in funding to expand its corporate Bitcoin treasury. This move underscores a growing trend among public companies to hold significant amounts of the cryptocurrency on their balance sheets.
The funds were raised through a private investment in public equity (PIPE) deal, which closed on Friday by Nakamoto’s merger partner, KindlyMD. The healthcare data firm sold its common stock at $5 per share.
“Additional investor support signals confidence in Nakamoto’s strategy: acquiring as much Bitcoin as possible on our balance sheet and on the balance sheets of our future portfolio companies,” David Bailey told Decrypt. He added that the latest raise took less than three days and brings Nakamoto Holdings’ total earmarked funds for its Bitcoin treasury to $763 million.
Nakamoto Holdings, launched earlier this year by BTC Inc. CEO David Bailey, aims to accumulate large quantities of Bitcoin, anticipating its price appreciation. This strategy has gained considerable traction in the corporate world, extending even to firms with minimal or no direct ties to the digital assets industry.
Bitcoin was recently trading at $102,942, reflecting a 1.8% decline over the past 24 hours, according to CoinGecko.
The adoption of Bitcoin as a corporate treasury asset was popularized by Michael Saylor’s software firm MicroStrategy, which began purchasing the cryptocurrency in 2020. MicroStrategy currently holds over 592,000 Bitcoin, valued at more than $60 billion, according to Saylor Tracker.
According to bitcointreasuries.net, more than 130 public companies have now integrated substantial amounts of Bitcoin into their balance sheets. More broadly, 239 entities, encompassing both public and private firms, as well as federal governments, hold some Bitcoin. This number has surged approximately 14% in the past month.
