Bitcoin-centric holding company Nakamoto has officially merged with healthcare provider KindlyMD, creating a new publicly traded Bitcoin treasury vehicle. Nakamoto, which is founded by former Trump crypto advisor David Bailey, will operate as a wholly owned subsidiary of the new entity. But in the new structure, the company will retain the KindlyMD name and remain listed on NASDAQ under the ticker NAKA.
The merger, which was announced earlier in May, closed recently following approvals. The company said that it will establish a structure aimed at accumulating up to 1 million Bitcoin and offer institutional-grade exposure to the asset.
David Bailey will serve as CEO and Chairman, while former KindlyMD CEO Tim Pickett transitions to Chief Medical Officer, continuing to oversee healthcare operations.
KindlyMD’s current BTC holdings
As of closing on Thursday, KindlyMD held just 21 BTC, which it acquired back in May 2025. The BTC was acquired at an average price of approximately US $109,027 per coin, totaling around US $2.3 million. Investors responded enthusiastically to the announcement with NAKA’s shares surging 13.4%, reaching approximately $15.02.
Leveraging recent financing, the firm plans to dramatically scale its holdings, backed by approximately $540 million. These funds were raised from a PIPE (private placement in public equity). Besides this, the company also offered a $200 million convertible note.
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Growing Bitcoin treasury companies
NAKA will join the likes of Bitcoin-holding companies like MicroStrategy and MARA holdings, which are among the largest corporate Bitcoin holders. Most of these are not crypto-first companies but mainstream corporations that are now pivoting towards treating Bitcoin as a strategic reserve asset.