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 with the ambitious goal of acquiring one million BTC. The combined entity will operate under the KindlyMD name, trading on the Nasdaq Capital Market, while Nakamoto will function as a wholly owned subsidiary, overseeing the Bitcoin financial services division. This strategic unification marks a significant step towards institutionalizing Bitcoin within global capital markets.

The merger transaction 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 successfully completed on August 15, 2025, with its proceeds specifically allocated for further Bitcoin acquisitions, underscoring the company’s aggressive treasury strategy.

David Bailey, CEO and Chairman of the combined company, articulated the core 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 expressed his long-held belief that Bitcoin would become the most valuable asset in human history and that the securitization of Bitcoin is key to its institutional adoption. Tim Pickett, former KindlyMD CEO and now Chief Medical Officer, affirmed the decision, stating, “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.”

A strengthened leadership team is in place to drive this mission, with Bailey at the helm as CEO and Chairman of the Board. Amanda Fabiano serves as COO, Tyler Evans as CIO, and Andrew Creighton as CCO. The board also includes newly appointed independent directors Charles Blackburn, Perianne Boring, Eric Weiss, Greg Xethalis, and Mark Yusko, alongside Tim Pickett.

The merged company’s mission is clearly defined: to build a premier, institutional-grade Bitcoin treasury vehicle that will accelerate corporate and government adoption of the asset. By leveraging advanced corporate finance strategies, Nakamoto aims to streamline Bitcoin integration into global capital markets and establish itself as a leader in public market Bitcoin treasury management.

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 substantial purchase, funded by the proceeds from the PIPE financing and convertible note, brings the company’s total holdings to 5,764.91 BTC, positioning KindlyMD as a notable entity in the burgeoning corporate Bitcoin treasury sector.

David Bailey emphasized the importance of this initial acquisition, stating, “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 corporate Bitcoin treasury landscape has experienced rapid evolution in 2025, with a growing number of major companies establishing dedicated Bitcoin acquisition vehicles. This trend signals an accelerating recognition by traditional financial institutions of Bitcoin as a legitimate treasury asset, fostering the development of sophisticated financial instruments and investment vehicles specifically designed for corporate Bitcoin exposure.

It is disclosed that Nakamoto is in partnership with Bitcoin Magazine’s parent company, BTC Inc, to establish the first global network of Bitcoin treasury companies, with BTC Inc providing certain marketing services to Nakamoto.