KindlyMD, Inc. (NASDAQ: NAKA) and Bitcoin-native holding company Nakamoto Holdings Inc. have officially completed their long-anticipated merger, forming a publicly traded Bitcoin treasury vehicle. This new combined entity will operate under the KindlyMD name on the Nasdaq Capital Market, with Nakamoto functioning as a wholly owned subsidiary overseeing its Bitcoin financial services division. The core ambition of the merged company is to acquire one million Bitcoin (BTC), positioning itself as a leader in public market Bitcoin treasury management.

David Bailey, CEO and Chairman of the combined company, articulated a vision for global capital markets to operate on a Bitcoin standard. He expressed a long-held belief that Bitcoin would become the most valuable asset in human history, universally held, and that the securitization of Bitcoin is instrumental in institutional adoption. Tim Pickett, former KindlyMD CEO and now Chief Medical Officer, affirmed the company's commitment to extending its principle of operational and innovative excellence to its capital strategy, highlighting Bitcoin's ability to preserve value with integrity.

The merger transaction successfully generated approximately $540 million in gross proceeds through a private placement in public equity (PIPE) financing, with these funds primarily earmarked for Bitcoin purchases. Additionally, a $200 million convertible note offering was expected to close shortly after the merger, further dedicating proceeds for additional Bitcoin acquisitions.

Under David Bailey's leadership as CEO and Chairman of the Board, the company has strengthened its executive team with Amanda Fabiano as COO, Tyler Evans as CIO, and Andrew Creighton as CCO. New independent directors include Charles Blackburn, Perianne Boring, Eric Weiss, Greg Xethalis, and Mark Yusko, alongside Tim Pickett. The merged entity's mission is clear: to build a premier, institutional-grade Bitcoin treasury vehicle that will drive corporate and government adoption of the asset by simplifying Bitcoin integration into global capital markets through advanced corporate finance strategies.

Following the merger, KindlyMD made its first significant Bitcoin acquisition, purchasing 5,743.91 BTC for approximately $679 million. This purchase was executed at a weighted average price of $118,204.88 per Bitcoin, bringing the company's total holdings to 5,764.91 BTC. This initial acquisition establishes KindlyMD as a notable participant in the expanding corporate Bitcoin treasury landscape and marks a crucial step toward its ambitious goal of accumulating one million Bitcoin.

David Bailey reiterated that this acquisition underscores the company's conviction in Bitcoin as the ultimate reserve asset for corporations and institutions. He emphasized that the long-term mission of acquiring one million Bitcoin reflects a belief that Bitcoin will anchor the next era of global finance, with the company committed to building the most trusted and transparent vehicle to achieve this future. The funding for this acquisition utilized proceeds from the recently completed PIPE financing, reinforcing the company’s disciplined Bitcoin treasury strategy, with the convertible note proceeds also specifically earmarked for further Bitcoin purchases.

The corporate Bitcoin treasury landscape has experienced rapid growth in 2025, with numerous major companies establishing dedicated Bitcoin acquisition vehicles. This trend has accelerated significantly as traditional financial institutions increasingly acknowledge Bitcoin as a legitimate treasury asset, leading to the development of more sophisticated financial instruments and investment vehicles tailored for corporate Bitcoin exposure.

Nakamoto is in partnership with Bitcoin Magazine’s parent company BTC Inc, aiming to build the first global network of Bitcoin treasury companies, where BTC Inc provides specific marketing services to Nakamoto.