Bitcoin holding company Nakamoto Holdings, founded by US President Donald Trump’s crypto adviser, David Bailey, has secured $51.5 million in fresh capital through a private placement in public equity (PIPE) deal, according to a statement from merger partner KindlyMD.
Bailey said that the new funds were raised in less than 72 hours, reflecting growing investor appetite for Nakamoto’s Bitcoin (BTC) accumulation strategy.
“Investor demand for Nakamoto is incredibly strong,” Bailey said. “We continue to execute our strategy to raise as much capital as possible to acquire as much Bitcoin as possible.”
The financing, priced at $5.00 per share, brings KindlyMD’s total funding to approximately $563 million, and $763 million including convertible notes.
Related: Europe’s first Bitcoin treasury firm buys another $20M BTC, now holds over $170M
Nakamoto launches to build a Bitcoin treasury
Nakamoto’s approach mirrors the playbook used by other corporate entities aiming to leverage BTC as a reserve asset. The company was launched earlier this year with the explicit goal of building a sizable Bitcoin treasury, even as broader market sentiment remains mixed.
Proceeds from the latest round will be used primarily for Bitcoin purchases, along with working capital and general corporate needs. The PIPE financing is set to close alongside the anticipated merger with KindlyMD, which trades under the ticker NAKA on the Nasdaq.
Last month, shareholders of healthcare services firm KindlyMD approved a merger with Nakamoto Holdings. Both companies plan to file information statements with the SEC, with the merger expected to finalize in Q3 2025.
The companies first announced the merger on May 12, saying the merged entity would use equity, debt, and other offerings to develop a slew of Bitcoin-native companies. Additionally, the company will bolster its treasury by accumulating Bitcoin.
Related: Norwegian crypto firm K33 raising more funds to buy up to 1,000 BTC
Firms add Bitcoin to balance sheets
At least 27 organizations have added Bitcoin to their treasuries over the past month, according to data from BitcoinTreasuries.NET, signaling continued interest in BTC among public companies.
Entities holding Bitcoin. Source: BitcoinTreasuries.NET
However, some analysts remain skeptical. Fakhul Miah of GoMining Institutional noted that smaller firms may be adopting Bitcoin out of necessity rather than strategy, potentially lacking the proper safeguards.
Standard Chartered has also raised concerns, warning that if BTC drops below $90,000, half of these companies could face liquidation risks, posing reputational challenges for the broader crypto market.
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