Shareholders of healthcare services provider KindlyMD, Inc. have given the green light to a proposed merger with Nakamoto Holdings, a Bitcoin-focused firm launched by David Bailey, the cryptocurrency adviser to U.S. President Donald Trump.
According to a May 20 announcement, both KindlyMD and Nakamoto Holdings plan to file information statements with the U.S. Securities and Exchange Commission (SEC), a procedural step required before the merger can proceed. The transaction is slated to finalize in the third quarter of 2025, roughly 20 days after shareholders receive the filings.
Nakamoto Holdings, a newly formed company, is building a network of Bitcoin-native businesses and intends to leverage the merger to accelerate its plans. The companies first announced the merger on May 12, saying the merged entity will use equity, debt, and other offerings to develop a slew of Bitcoin-native companies. Additionally, the company will also bolster its treasury by accumulating Bitcoin.
The merger announcement, which came after market hours on May 20, triggered a surge in investor interest. Shares of KindlyMD (NASDAQ: KDLY) closed the regular trading session up 9% at $15.22 and jumped an additional 4.8% in after-hours trading according to Google Finance data.
This merger aligns with a growing trend among public companies adopting Bitcoin as part of their corporate strategy. On May 20, Strive—an investment firm co-founded by Vivek Ramaswamy—revealed plans to acquire up to 75,000 BTC in claims from the defunct exchange Mt. Gox at a discounted rate.
Meanwhile, business intelligence firm Strategy (formerly MicroStrategy) disclosed a fresh purchase of 7,390 BTC worth $765 million last week. However, the firm now faces a class-action lawsuit alleging misleading disclosures around its Bitcoin investment strategy.
Earlier this month, stablecoin giant Tether made headlines with a $459 million Bitcoin purchase on behalf of Twenty One Capital, a firm it backs. Twenty One Capital is in the process of going public via a SPAC merger with Cantor Equity Partners.
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