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

David Bailey, CEO of the merged company, articulated the vision: "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 further emphasized his long-held belief that Bitcoin would become the most valuable asset globally, adopted by individuals, companies, and governments alike, with the securitization of Bitcoin driving institutional adoption. Tim Pickett, former KindlyMD CEO and now Chief Medical Officer, added, "We are thrilled to officially close our merger with Nakamoto. We’ve built KindlyMD on operational and innovative excellence, and we are now extending that same principle to our capital strategy. Bitcoin gives us the ability to preserve value with the same integrity we apply to delivering care."

The merger transaction generated approximately $540 million in gross proceeds through a private placement in public equity (PIPE) financing, primarily earmarked for Bitcoin purchases. Additionally, a $200 million convertible note offering was successfully closed shortly after, with its proceeds specifically designated for further Bitcoin acquisitions. Bailey leads the strengthened leadership team as CEO and Chairman of the Board, joined by 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.

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 acquisition, funded by the proceeds from the PIPE financing, brought the company’s total holdings to 5,764.91 BTC, positioning KindlyMD as a significant participant in the expanding corporate Bitcoin treasury space. David Bailey reiterated, "This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike. 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."

The primary mission of the merged company is 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 streamline Bitcoin integration into global capital markets and cement its position as a leader in public market Bitcoin treasury management. This strategic move aligns with the rapidly evolving corporate Bitcoin treasury landscape in 2025, where major companies are increasingly establishing dedicated Bitcoin acquisition vehicles, recognizing Bitcoin as a legitimate treasury asset and fostering sophisticated financial instruments for corporate exposure.