Key Takeaways
- KindlyMD acquires 5,743 Bitcoin for about $679 mln in its first purchase since merging with Nakamoto Holdings.
- Total Bitcoin holdings rise to 5,764.91 BTC, executed through its wholly owned subsidiary.
- Merger financing raised $710 mln ($510 mln PIPE and $200 mln convertible notes), marking the largest capital raise for a Bitcoin treasury launch.
- CEO David Bailey targets one million BTC under the Nakamoto Treasury strategy, while KindlyMD clinics continue their healthcare mission.
Nasdaq-listed KindlyMD Inc., a healthcare firm turned Bitcoin holding vehicle, has acquired 5,743.91 Bitcoin, marking its first digital asset purchase following its merger with Nakamoto Holdings.
The acquisition, executed through its wholly owned subsidiary, raises KindlyMD’s total Bitcoin holdings to 5,764.91 BTC and was completed at an average price of $118,204.88 per Bitcoin, totaling about $679 million.
According to the company, the purchase was funded through PIPE proceeds, reflecting its long-term objective to acquire one million Bitcoin under its Nakamoto Treasury strategy.
“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike.” said David Bailey, Chief Executive Officer and Chairman. “Our long-term mission of accumulating one million Bitcoin reflects our belief that Bitcoin will anchor the next era of global finance, and we are committed to building the most trusted and transparent vehicle to achieve that future.”
From Clinics to Crypto: KindlyMD’s First Bitcoin Acquisition
KindlyMD, a Utah-based provider of patient-focused healthcare services, agreed in May 2025 to merge with Nakamoto Holdings Inc., a Bitcoin-native holding company founded by David Bailey, co-founder of BTC Inc. and UTXO Management.
The deal raised $510 million through a PIPE and $200 million via convertible notes, marking the largest capital raise to launch a Bitcoin treasury and the biggest PIPE for any publicly traded crypto-related transaction.
Bailey, a longtime Bitcoin advocate, became Chief Executive Officer of the combined company, while KindlyMD founder and CEO Tim Pickett moved to Chief Medical Officer to oversee healthcare operations, as KindlyMD’s healthcare clinics will continue to operate, with a focus on combating the opioid crisis and maintaining their patient-first model.
The merger positioned KindlyMD as a Nasdaq-listed vehicle for Bitcoin accumulation, with a mission to acquire one million BTC and offer investors exposure to Bitcoin through a compliant, transparent public structure. The company framed the deal as creating a leading public market Bitcoin treasury, with plans to build the first global network of Bitcoin treasury companies.
Read More: Crypto Exchange Gemini Moves Towards IPO as Financial Filings Reveal Losses, Ripple Credit Deal
