KindlyMD, Inc. (NASDAQ: NAKA) and Bitcoin-native holding company Nakamoto Holdings Inc. have officially completed their much-anticipated merger, creating a publicly traded Bitcoin treasury vehicle with the ambitious goal of acquiring one million BTC. The newly formed combined entity will operate under the KindlyMD name, trading on the Nasdaq Capital Market, while Nakamoto will function as a wholly owned subsidiary, specifically overseeing the Bitcoin financial services division.

David Bailey, now CEO and Chairman of the combined company, articulated the core vision, stating, “Our vision is for the world’s capital markets to operate on a Bitcoin standard. Today’s merger represents the beginning of that journey for our company.” He reiterated his long-held belief in Bitcoin's potential to become the most valuable asset globally, adopted by individuals, companies, and governments, and emphasized the role of securitization in institutional adoption. Tim Pickett, former KindlyMD CEO and now Chief Medical Officer, expressed enthusiasm for the merger, highlighting KindlyMD’s commitment to operational excellence now extending to its capital strategy, viewing Bitcoin as a means to preserve value with integrity.

The transaction successfully generated approximately $540 million in gross proceeds through a private placement in public equity (PIPE) financing, which is primarily allocated for Bitcoin purchases. Additionally, a $200 million convertible note offering was expected to close shortly after the merger, specifically earmarking proceeds for further Bitcoin acquisitions. The leadership team under Bailey includes Amanda Fabiano as COO, Tyler Evans as CIO, and Andrew Creighton as CCO, complemented by newly appointed independent directors Charles Blackburn, Perianne Boring, Eric Weiss, Greg Xethalis, and Mark Yusko, alongside Pickett.

The merged company's mission is unequivocally clear: to establish a premier, institutional-grade Bitcoin treasury vehicle aimed at accelerating corporate and government adoption of the asset. By employing advanced corporate finance strategies, Nakamoto intends to simplify Bitcoin integration into global capital markets, thereby positioning itself as a leader in public market Bitcoin treasury management. Bailey reinforced this commitment, stating, “One Nakamoto = One million Bitcoin.”

Following the merger, KindlyMD made its first significant Bitcoin acquisition, purchasing 5,743.91 BTC for approximately $679 million at a weighted average price of $118,204.88 per Bitcoin. This initial purchase brings the company’s total holdings to 5,764.91 BTC, solidifying KindlyMD’s position as a notable player in the expanding corporate Bitcoin treasury space. This acquisition, funded by the PIPE proceeds, underscores the company's commitment to a disciplined Bitcoin treasury strategy.

The corporate Bitcoin treasury landscape has seen rapid evolution, particularly in 2025, with an increasing number of major companies establishing dedicated Bitcoin acquisition vehicles. This trend is driven by the growing recognition of Bitcoin as a legitimate treasury asset by traditional financial institutions, leading to the development of more sophisticated financial instruments and investment vehicles for corporate Bitcoin exposure. KindlyMD’s strategic moves align with this accelerating trend, aiming to lead the charge in fostering widespread Bitcoin adoption.