Nakamoto, owned by Bitcoin pioneer David Bailey, announced the completion of its merger with healthcare company KindlyMD, forming an entity listed on NASDAQ under the ticker NAKA. The stated goal: to make this entity a "public Bitcoin treasury" with an ambitious plan to collect one million Bitcoins from the total supply of 21 million.
According to the agreement, the new entity will retain the name KindlyMD, while Nakamoto will remain a wholly-owned subsidiary. David Bailey will serve as the CEO and Chairman of the Board, while Tim Beckett, the former CEO of KindlyMD, will continue to oversee medical operations as the Chief Medical Officer.
Stock jump following the announcement
Following the announcement of the deal, KindlyMD's shares rose by 13.4% to $15.02, raising the company's market capitalization to about $114.25 million. This increase comes as an extension of a notable rise since May 12, the date the merger agreement was announced.
Bailey's vision
Bailey, who previously served as a Bitcoin advisor to U.S. President Donald Trump, said:
"Our vision is for global capital markets to operate on a Bitcoin standard, and today's merger represents the beginning of that journey."
Bitcoin collection plan
KindlyMD currently holds only 21 Bitcoins, but plans to use $540 million from its recent funding through a PIPE mechanism to increase its Bitcoin inventory. At current prices, it could purchase about 4,544 additional Bitcoins, which could place it among the top 20 global companies in terms of Bitcoin holdings. The company also plans to close a $200 million convertible bond offering in the coming days.
Strong competition for Bitcoin
This trend comes at a time when major companies are racing to increase their Bitcoin holdings, such as Michael Saylor through his company Strategy, which holds 628,946 Bitcoins, and companies Metaplanet and Semler Scientific, which aim to collect 210,000 and 105,000 Bitcoins respectively by 2027. Additionally, ETF issuers like BlackRock and Fidelity are accumulating large amounts of Bitcoin, increasing demand for the asset.
Formation of a new board of directors
As part of the restructuring, KindlyMD announced the addition of prominent names to its board, including:
Eric Weiss, founder of Bitcoin Investment Group and the person who convinced Saylor to enter the Bitcoin world.
Mark Yusko, founder and CEO of Morgan Creek Capital Management.
Greg Kithalis, legal advisor and partner at Digital.
Beryana Boring, head of Multicoin Capital Chamber.
With this move, KindlyMD aims to become a key player in the global Bitcoin landscape, with an unprecedented goal of collecting one million coins, which is approximately 4.76% of the total available supply.