Key Points:
- Merger completed; operating under KindlyMD, trading under ticker NAKA on Nasdaq
- Raised $540 million via PIPE, with $200 million in convertible notes underway
- David Bailey (co‑founder of Bitcoin Magazine) appointed CEO, aiming for Bitcoin as global capital standard
- New executives onboarded; advisory board includes prominent crypto and institutional names
- Plans to acquire 1 million BTC, introduce “Bitcoin Yield” model, and partner with Anchorage Digital for custody
- Initial purchase of 21 BTC made; additional $51.5 million PIPE closed, bringing total capital raised to $763 million including debt
1. Merger Finalization and Rebranding
KindlyMD and Nakamoto Holdings have officially merged as of August 14, 2025. The combined entity continues under the name “KindlyMD,” and its shares now trade on Nasdaq under the ticker symbol NAKA. Previously, trading had been under “KDLY” prior to the merger.
2. Massive Fundraising to Power Bitcoin Strategy
The new company raised $540 million through Private Investment in Public Equity (PIPE), and is expected to issue $200 million in convertible notes by the next day. These funds are earmarked for Bitcoin acquisitions and general corporate use.
Moreover, an additional $51.5 million PIPE closed swiftly in June, bringing total PIPE proceeds to approximately $563 million, and including convertible notes, funding reaches about $763 million.
3. Leadership and Governance Overhaul
David Bailey, co‑founder of Bitcoin Magazine, has taken the helm as CEO of the combined firm. He emphasized a vision of running capital markets under the Bitcoin standard.
The executive team includes Amanda Fabiano as COO, Tyler Evans as CIO, and Andrew Clayton as Chief Commercial Officer, while Tim Pickett continues as Chief Medical Officer, overseeing healthcare operations .
The board has expanded, adding five distinguished figures from the crypto and institutional world—among them Perianne Boring of the Digital Chamber and Mark Yusko of Morgan Creek Capital.
4. Strategic “Bitcoin Yield” Model
The company plans to adopt a “Bitcoin Yield” model, increasing the amount of Bitcoin held per share through instruments like equity, debt, and structured products.
They aim to hold 1 million BTC in treasury and promote institutional-level adoption across corporations and governments.
5. Initial BTC Acquisition and Custody Partnership
KindlyMD has already made a symbolic first purchase of 21 BTC at an average price of $109,027 per coin—roughly $2.3 million—using proceeds from warrant exercises.
To securely store and manage the growing Bitcoin treasury, the company partnered with Anchorage Digital, a regulated digital asset bank, ensuring institutional-grade custody and trading services.
6. Recent Financial Traction and Support
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Summary
This merger marks a pivotal shift in corporate finance and blockchain adoption. The transformed KindlyMD (NAKA) is now positioned as a pioneering public Bitcoin treasury entity, marrying healthcare operations with bold crypto strategy. With over $760 million raised and infrastructure in place—with Anchorage Digital—this company embodies a new archetype where Bitcoin becomes the fulcrum of corporate balance sheets. For crypto explorers, this move opens doors to institutional adoption; for revenue seekers, it signals fresh opportunities in digital asset enablement; for blockchain practitioners, it offers a real-world case of Bitcoin integration at scale.
