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Bitcoin Treasury KindlyMD Stock Dives Following $679 Million BTC Buy

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In brief

  • Healthcare company KindlyMD said Tuesday that it spent $679 million to buy over 5,743 Bitcoin.
  • The firm pivoted to a Bitcoin treasury strategy earlier this year when it merged with holding company Nakamoto.
  • It is the latest company to morph into a crypto treasury.

Bitcoin treasury KindlyMD has added $679 million in BTC to its holdings, the company said Tuesday—though the firm’s stock has taken a plunge following the announcement.

The Nasdaq-listed company said that it had bought 5,743.91 BTC via its wholly owned subsidiary, Nakamoto Holdings, Inc, for an average price of about $118,205 per coin.

Bitcoin was recently trading for $113,200, down 2.4% over a 24-hour period and by more than 5% over the past week after hitting a new all-time high mark above $124,000 last week.

“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike,” David Bailey, the company’s CEO said. 

KindlyMD’s stock—which trades under the ticker NAKA—was down by more than 13% Tuesday to a price of $10.41. The firm, which focuses on providing healthcare data, in May announced a merger with holding company Nakamoto. 

Nakamoto is a holding company co-founded by Bitcoin Magazine CEO David Bailey with the intent of purchasing Bitcoin. Bailey advised President Donald Trump on crypto policy while the Republican candidate was campaigning last year.

KindlyMD said on Monday that it had closed a $200 million convertible note offering as part of its Bitcoin-buying strategy. It raised another $540 million in August via a private placement in public equity (PIPE) to buy the cryptocurrency.



The move is straight out of Strategy’s playbook: Raise cash to buy Bitcoin so investors can buy shares of a publicly traded company and get regulated exposure to the asset.

Strategy shifted from software development to focus on Bitcoin accumulation in 2020. It is the largest corporate holder of the asset with 629,376 BTC worth over $71 billion.

Some 168 public companies now have Bitcoin treasuries, according to bitcointreasuries.net, holding a total of more than 983,000 Bitcoin.

Some experts have warned that the crypto play has its risks, and that pivoting to crypto won’t necessarily save a failing business. But companies keep popping up, and some are amassing billions of dollars’ worth of digital assets.

Other notable treasuries include Twenty One, started by a combination of crypto and traditional finance powerhouses—Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. It holds 43,500 BTC—almost $5 billion worth as of this writing—although it has yet to begin trading. 

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Crypto Trends

Bitcoin Treasury KindlyMD Closes $200 Million Raise to Buy More BTC

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In brief

  • KindlyMD said it was merging with Nakamoto Holdings to become a Bitcoin treasury back in May.
  • The company just closed a $200 million convertible note offering.
  • KindlyMD is the latest firm to pivot to Bitcoin buying as a way to provide better returns for investors.

Bitcoin treasury KindlyMD has closed a $200 million convertible note offering that it will use to buy more BTC, the company announced Monday. 

The issuance is the latest step in the company’s strategy to build its BTC holdings and adds to the $540 million that the company raised via a private placement in public equity (PIPE), which closed concurrently as it merged with Nakamoto Holdings. The combine company is retaining the KindlyMD name. 

“The Company intends to use the net proceeds from the Convertible Note offering to purchase more Bitcoin, as well as for working capital and general corporate purposes,” KindlyMD said in a statement Friday. 

UPDATE: KindlyMD Closes $200 Million Convertible Note Offering. The issuance of the Convertible Note expands our Bitcoin treasury strategy and adds to the $540M gross proceeds from the PIPE Financing.

— Nakamoto (@nakamoto) August 15, 2025

In May, Kindly, which has shifted its focus as a healthcare data provider, and Nakamoto Holdings announced their merger. Nakamoto is a holding company co-founded by Bitcoin Magazine CEO David Bailey, with the intent of purchasing Bitcoin. CEO Bailey advised President Trump on his 2024 crypto policy while the Republican was campaigning. 

YA II PN, Ltd., an investment fund managed by hedge fund Yorkville Advisors, is managing the financing. 



KindlyMD’s stock, which trades on the Nasdaq under the ticker NAKA, closed about 12% lower on Monday. The idea is that investors will be able to get exposure to the leading cryptocurrency by buying its stock. 

A full 168 public companies have Bitcoin treasuries—a move popularized by Michael Saylor’s software firm Strategy, which began purchasing the asset in 2020. 

After pivoting from software development, Strategy started buying Bitcoin in August 2020 as a way to generate better returns for its shareholders. 

It is the largest corporate holder of the asset with 629,376 BTC worth over $73 billion. It mostly works now to securitize Bitcoin. 

Bitcoin was recently trading for $116,605 per coin after dropping 1% over a 24-hour period. It broke a new all-time high last week of $124,128, according to crypto data provider CoinGecko. 

Strategy issues debt to fund its purchases. Since Strategy first bought Bitcoin five years ago, its stock (Nasdaq: MSTR) has rocketed up by over 2,700%. 

Some of Strategy’s followers are using spare cash to buy the flagship digital currency, while others are issuing debt. 

But some experts have warned that the crypto play has its risks. 

Other notable treasuries include Twenty One, started by a combination of crypto and traditional finance powerhouses—Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. It holds 43,500 digital coins, although it has yet to begin trading. 

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Bitcoin options worth nearly $3B to expire on June 13
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KindlyMD, Nakamoto secure $51.5m more for Bitcoin push

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Utah-based telehealth provider KindlyMD is now channeling millions into Bitcoin via its expected merger with Nakamoto. The latest $51.5 million PIPE round proves investors are all-in on the crypto pivot, even as skeptics question the long-term play.

KindlyMD and Nakamoto Holdings, the Bitcoin (BTC)-focused investment firm founded by David Bailey, announced on June 20 that they have secured an additional $51.5 million in PIPE financing, bringing their total committed capital for Bitcoin treasury accumulation to $763 million.

The latest round, priced at $5 per share in KindlyMD stock, was fully subscribed in under 72 hours, signaling strong institutional interest despite broader market uncertainty.

“Investor demand for Nakamoto is incredibly strong. This additional financing was raised in under 72 hours, adding the option for more working capital in addition to acquiring bitcoin. We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible,” David Bailey, Founder and CEO of Nakamoto, said.

According to the statement, KindlyMD will use the funds to purchase Bitcoin and bolster working capital once its expected merger with Nakamoto closes following shareholder approval.

Nakamoto’s latest capital raise is part of a broader trend: corporations are stockpiling Bitcoin at an unprecedented pace. The number of companies executing formal Bitcoin treasury strategies now exceeds 220, according to public filings and data from BitcoinTreasuries.net.

That list includes Strategy, the Michael Saylor-led firm that pioneered corporate BTC accumulation during the pandemic, as well as relative newcomers like Semler Scientific and Metaplanet, which are deploying capital into BTC as both a treasury reserve and a long-term hedge against inflation and currency debasement.

However, while institutional investor appetite for Bitcoin continues to rise, analysts warn that BTC-focused corporate treasuries pose various risks, including liquidity concerns, regulatory uncertainties and crypto market’s notorious volatility, which can force firms to sell at a loss in bear markets.



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KindlyMD buys 21 Bitcoin ahead of Nakamoto merger
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KindlyMD buys 21 Bitcoin ahead of Nakamoto merger

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KindlyMD, an integrated healthcare services provider, has announced the purchase of 21 Bitcoin ahead of its merger with Nakamoto Holdings, a company focused on the acquisition and holding of Bitcoin.

KindlyMD’s move to buy 21 Bitcoin (BTC) comes a few weeks after David Bailey, the chief executive officer of BTC Inc., and crypto advisor of U.S. president Donald Trump, announced the launch of Nakamoto Holdings.

The Bitcoin-native company, whose name pays homage to Bitcoin creator Satoshi Nakamoto, recently revealed an upcoming merger with KindlyMD.

KindlyMD is a Nasdaq-listed integrated healthcare and healthcare data company looking to become the next Strategy. With its initial BTC purchase, KindlyMD says its on the path to making this quest a reality.

The purchase of 21 BTC was completed at an average price of $109,027 per coin, representing a $2.3 million investment. Funds came from gross proceeds of $8.7 million raised through recent warrant exercises.

“KindlyMD chose 21 BTC, which is one millionth of the total supply of bitcoin, as a symbolic first step on our journey to be the leading Bitcoin treasury strategy,” Bailey said. “There are many more milestones ahead and we can’t wait to continue to execute our roadmap with KindlyMD.”

Nakamoto Holdings’ launch followed Bailey’s $300 million raise in equity and convertible debt earlier this year.

On May 21, KindlyMD shareholders approved the strategic merger and partnership with Nakamoto Holdings. The deal also includes Anchorage Digital—an institutional-grade crypto custody platform—signaling a joint commitment to accelerating corporate Bitcoin adoption.

Commenting on the purchase, KindlyMD CEO Tim Pickett said:

“This strategic purchase was possible after significant warrant redemption, which we believe reflects our investor’s support of the merger and in our confidence of Bitcoin as a store of value. We look forward to working diligently towards the closing of our merger with Nakamoto to further accelerate our Bitcoin treasury strategy.”

KindlyMD and Nakamoto Holdings’ merger will close later in the year.



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KindlyMD shareholders approve Bitcoin pivot via Nakamoto Holdings merger
Crypto Trends

KindlyMD shareholders approve Bitcoin pivot via Nakamoto Holdings merger

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KindlyMD shareholders have approved a merger with Bitcoin holding firm Nakamoto Holdings, paving the way for the creation of a publicly traded Bitcoin-focused conglomerate.

According to a May 20 announcement from the U.S.-based healthcare services provider, both companies will now file information statements with the Securities and Exchange Commission. 

The merger is expected to close 20 days after these disclosures are shared with shareholders. Completion is targeted for the third quarter of 2025.

Nakamoto Holdings, led by Donald Trump’s crypto adviser David Bailey, is a newly formed entity that seeks to consolidate Bitcoin-native businesses under one umbrella.

The deal gives Nakamoto Holdings a Nasdaq-listed vehicle to pursue its goal of turning Bitcoin into a foundational asset across global capital markets.

The merged firm plans to scale its Bitcoin holdings per share, a concept Bailey refers to as “Bitcoin Yield,” through equity, debt, and hybrid offerings. 

Though KindlyMD will continue operating its clinics focused on opioid reduction and alternative therapies, the new entity’s core focus will be financial, not medical.

“We are grateful that KindlyMD shares our vision for a future in which Bitcoin is a core part of the corporate balance sheet, and investors across global capital markets have exposure to the world’s greatest asset and store of value,” Bailey said in an accompanying statement.

The companies first announced the proposed merger on May 12. At the time, they described plans to launch a network of Bitcoin-native firms while using the merged balance sheet to accumulate BTC. 

Details of the merger were announced alongside a $710 million capital raise, with Nakamoto securing $510 million through a private placement and $200 million via convertible notes, which, according to Nakamoto, was the largest PIPE in any public crypto-linked transaction to date.

Bailey, who will become CEO of the merged entity, has likened his vision to building a modern counterpart to the Rothschilds or Morgans, except with Bitcoin as the reserve asset. 

“Every balance sheet, public or private, will hold Bitcoin,” he said at the time.

News of the merger sent shares of KindlyMD (KDLY) soaring more than 650% in premarket trading when it was first announced. Shares closed May 20 at $15.22, up 9% on the day, and climbed another 4.8% in after-hours trading. KDLY is now up over 979% year-to-date.

Bitcoin’s growing role as a treasury asset

With Bitcoin gaining traction as a corporate treasury asset, the KindlyMD–Nakamoto merger adds to a broader wave of public companies across the globe that have integrated Bitcoin into their financial strategies.

In the healthcare space, Basel Medical Group entered exclusive talks to buy up to $1 billion worth of Bitcoin earlier this month, while Semler Scientific has also joined the trend, and has been consistently building a sizable Bitcoin stash, holding 3,808 BTC as of May 21.

Meanwhile, in Latin America, Brazilian fintech Méliuz became the first publicly traded company in the region to adopt Bitcoin as a treasury asset, following shareholder approval earlier this month. 

Over in the Middle East, Al Abraaj Group kicked off its Bitcoin strategy with an initial 5 BTC purchase, while signalling plans to acquire more.

Strategy—formerly MicroStrategy—was the first major public company to adopt Bitcoin as a primary treasury asset back in 2020, effectively popularizing the corporate Bitcoin playbook. 

Recently, the firm disclosed a fresh $765 million purchase, adding 7,390 BTC to its balance sheet.



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