KindlyMD makes its first Bitcoin acquisition since the recent merger, expanding the Satoshi Bitcoin treasury.
KindlyMD dramatically entered the Bitcoin treasury race, announcing the purchase of 5,743.91 BTC through its wholly-owned subsidiary, Nakamoto Holdings Inc.
This acquisition is valued at approximately $679 million, with a weighted average price of $118,204.88 per Bitcoin, marking the company's first Bitcoin purchase since completing its merger with Satoshi earlier this month, bringing total holdings to 5,764.91 BTC.
KindlyMD joins the top 20 listed companies holding Bitcoin after its recent acquisition.
The deal is funded by proceeds from a private investment in public equity (PIPE), highlighting KindlyMD's commitment to its so-called 'strict Bitcoin treasury strategy'.
According to the company, its long-term mission is nothing less than to accumulate 1 million Bitcoins in the Satoshi Nakamoto Bitcoin treasury.
"This acquisition reinforces our belief in Bitcoin as the ultimate reserve asset for businesses and institutions," said the company's chairman and CEO, David Bailey.
He added, "Our mission to acquire 1 million Bitcoins reflects our belief that Bitcoin will anchor the next era of global finance."
According to BitBo's Bitcoin treasury dashboard, through this acquisition, KindlyMD has entered the top 20 listed companies by total Bitcoin holdings, surpassing companies like Semler Scientific.
This move also solidifies its shift from a niche healthcare provider to what is now being called a 'public Bitcoin operating company'. In this model, the revenue from its healthcare services combines with its growing Bitcoin reserves at the financial core.
This shift began in May when KindlyMD announced its merger with Satoshi Holdings. The merger was completed on August 14, marking one of the earliest cases of a healthcare company adopting Bitcoin as an investment and treasury asset.
To drive this strategy, KindlyMD hired Amanda Fabiano, former COO of Galaxy Digital and Fidelity, adding over a decade of Bitcoin infrastructure expertise.
KindlyMD's financial strategy gains momentum from PIPE and note proceeds.
The U.S. Treasury's proactive push is occurring against a complex financial backdrop. For the second quarter ending June 30, 2025, KindlyMD reported insurance reimbursements of $231,726, a year-on-year increase of 153%, but total revenue fell by 36% to $408,527, primarily due to declining patient service pricing and the closure of a clinic in Bountiful, Utah.
The company's reported net loss was $2.41 million, larger than last year's loss of $1.32 million, while investment activities saw an outflow of $2.52 million, mainly from digital asset purchases.
However, financing activities provided a significant boost, with an inflow of 9.05 million AUD, primarily from warrant exercises, driving net cash growth by 165% to 6.02 million AUD.
In August, the company completed $200 million in senior secured convertible notes with Yorkville Advisors, along with $540 million in PIPE financing related to the merger, accelerating momentum.
Proceeds will be exclusively used for further Bitcoin purchases and working capital, deepening the company's transition to Bitcoin-prioritized funding instruments.
The note is interest-free for two years, with a 6% interest rate in the third year, convertible into KindlyMD stock at a price of $2.80 per share, providing investors with equity appreciation potential directly tied to company performance.
KindlyMD also celebrated a milestone on the same day, with its stock approved for trading on the Nasdaq Global Market under the ticker 'NAKA', upgrading from its previous listing on the Nasdaq Capital Market.
On the same day, KindlyMD's stock was upgraded to the Nasdaq Global Market under the ticker 'NAKA', with the company stating that this milestone reflects its ambition to be seen as a credible institutional player in the Bitcoin financial sector.
Global companies now hold 3.67 million BTC, valued at $418 billion.
The company continues to expand its Bitcoin treasury. Amsterdam-based crypto service provider Amdax launched AMBTS B.V., a new treasury instrument aimed at becoming one of the largest institutional holders in Europe.
The company is preparing for a listing on the Amsterdam Euronext, with a long-term goal of accumulating 1% of the total Bitcoin supply.
In the United States, Parataxis Holdings confirmed a SPAC merger with SilverBox Corp IV to raise up to $640 million for Bitcoin treasury listing on the New York Stock Exchange, with the stock code PRTX. The deal values the company at $400 million, which includes an immediate allocation of $31 million to purchase BTC.
Meanwhile, Strategy disclosed another buy between August 11 and 17, 2025, where it acquired 430 BTC for $51.4 million, averaging $119,666 per Bitcoin. The company currently holds 629,376 BTC, remaining the largest public holder.
According to BitcoinTreasuries.net, over 289 companies worldwide collectively control more than 3.67 million BTC (approximately $41.8 billion).
Other major holders include Marathon Holdings (50,000 BTC), German Bitcoin Standard Treasury Company (30,000 BTC), and Japan's Metaplanet (19,000 BTC).
