David Bailey’s Bitcoin-native holding company, Nakamoto, has pulled off a dramatic entrance into the public markets, raising $710 million and announcing a merger with healthcare firm KindlyMD to form one of the most ambitious Bitcoin treasuries to date.
The move positions the new entity as a publicly traded Bitcoin (BTC) conglomerate aimed at pushing BTC into the heart of global capital markets, according to a press release on the matter.
The deal includes a $510 million private placement and $200 million in convertible notes, marking the largest PIPE ever in a public crypto-related transaction.
Shares of KindlyMD surged more than 650% in premarket trading following the announcement.
David Bailey’s input
Bailey, a longtime Bitcoin advocate and advisor to Donald Trump’s 2024 campaign, will take the reins as CEO of the combined company. His goal: to build a new breed of financial institution that uses Bitcoin as a core asset, akin to what Morgan or Rothschild once represented for fiat finance.
“Every balance sheet, public or private, will hold Bitcoin,” Bailey said in a statement. “We intend to be the first conglomerate designed for that world.”
The newly merged company aims to increase its Bitcoin holdings per share—what Bailey calls “Bitcoin Yield”—through future equity and debt offerings. The idea is to offer public investors a transparent, compliant structure to gain Bitcoin exposure without directly buying BTC.
While KindlyMD will continue operating its network of clinics focused on opioid reduction and alternative medicine, the merged entity’s real focus is financial.
The switch is backed by heavyweight crypto investors such as Adam Back, Balaji Srinivasan, and Jihan Wu.
The merger gives Bailey a Nasdaq-listed vehicle to package Bitcoin into equities, bonds, and hybrids for global exchange listings. The company will retain the KDLY ticker for now, with a new name and symbol expected following shareholder approval.