Nakamoto, a Bitcoin entity established by Trump crypto adviser David Bailey, and KindlyMD have merged to establish a new Bitcoin treasury company.
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David Bailey’s Bitcoin firm, Nakamoto, completed its merger with healthcare company KindlyMD, forming a publicly traded Bitcoin treasury vehicle with a plan to accumulate 1 million Bitcoin.
The merged entity will retain the KindlyMD name and continue trading on the Nasdaq under the ticker NAKA, with Nakamoto operating as a wholly owned subsidiary.
Nakamoto is among many companies with ambitious plans to acquire a large portion of Bitcoin’s fixed supply of 21 million coins.
Bailey is the CEO and chairman of the newly merged entity, while KindlyMD’s former CEO, Tim Pickett, will manage the firm’s healthcare operations as chief medical officer, the company on Thursday.
KindlyMD shares 13.4% on the news, adding to its triple-digit price rally since May 12, when two companies announced the
“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,” said Bailey, who has served as a Bitcoin adviser to US President Donald Trump.
KindlyMD said its mission is to acquire 1 million Bitcoin (), make Bitcoin more accessible to investors and build a suite of Bitcoin products to assist corporate and government adoptions.
Michael Saylor’s Strategy already and has signaled no plans to slow down, while and have unveiled plans to accumulate 210,000 Bitcoin and 105,000 Bitcoin, respectively, by the end of 2027.
Bitcoin exchange-traded fund issuers like are also amassing Bitcoin at scale, driving up even more demand for the asset.
21 BTC down, 999,979 to go
KindlyMD currently only 21 Bitcoin, though it plans to channel $540 million from its recent PIPE (placement in public equity) financing into building a more substantial Bitcoin treasury, it noted.
At current market prices, KindlyMD could add another 4,544 Bitcoin to its balance sheet, placing it in the top 20 Bitcoin treasury firms by total holdings, BitBo’s Bitcoin Treasuries shows.
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KindlyMD also expects to close a previously announced $200 million convertible note offering on Saturday.
KindlyMD unveils new board leaders
KindlyMD announced several additions to its board, including Eric Weiss, the founder of Bitcoin Investment Group and a man known for , and Mark Yusco, the founder and CEO of Morgan Creek Capital Management.
General counsel and partner of Multcoin Capital, Greg Xethalis, and Digital Chamber chair Perianna Boring were among the others included.
NAKA shares soar
The 13.4% rally sent NAKA’s share price to $15.02 and lifted its market cap to $114.25 million, Google Finance data showed.
KindlyMD was up $2.85 since it announced the merger agreement on May 12, continuing the trend of strong price appreciation among Bitcoin-buying firms.
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