KindlyMD has completed its merger with David Bailey’s Bitcoin-focused firm, Nakamoto, forming a Nasdaq-listed company with ambitions to build one of the largest Bitcoin treasuries in the world.
According to the announcement, the combined entity will keep the KindlyMD name and continue trading under the ticker NAKA, with Nakamoto operating as a wholly owned subsidiary. Bailey will serve as chairman and CEO, while KindlyMD’s former chief executive, Tim Pickett, will oversee its healthcare division as chief medical officer.
Bailey, a longtime Bitcoin advocate and adviser to U.S. President Donald Trump, described the deal as a step toward a “Bitcoin standard” for global capital markets.
“Today’s merger represents the beginning of that journey for our company,”
he said.
Honored to officially join KindlyMD as CEO and Chairman. Thank you for coming on this journey with me- together we will rebuild the world on the bitcoin standard.
One Nakamoto = One million Bitcoin
— David Bailey???????? $1.0mm/btc is the floor (@DavidFBailey) August 14, 2025
Shares of KindlyMD jumped 13.4% on Thursday to $15.02, lifting its market capitalization to about $114.25 million according to GoogleFinance data. The rally extends a triple-digit surge since May 12, when the merger was first announced.
The company’s stated goal is to accumulate 1 million BTC, worth over $118 billion at current prices, while rolling out investment products to make Bitcoin more accessible and aid corporate and government adoption. The strategy mirrors moves by other major Bitcoin-accumulating firms, including Michael Saylor’s Strategy, which holds 628,946 BTC, Metaplanet with a 210,000 BTC target, and Semler Scientific aiming for 105,000 BTC by 2027.
KindlyMD currently owns 21 BTC but plans to deploy $540 million raised through a recent placement in public equity (PIPE) financing to grow its holdings. At current prices, the funds could add roughly 4,544 BTC, placing it among the top 20 corporate Bitcoin treasuries, according to BitBo’s Bitcoin Treasuries dashboard. A previously announced $200 million convertible note sale is also expected to close on Saturday.
The merger also brings a roster of prominent Bitcoin figures to KindlyMD’s board, including Eric Weiss, founder of Bitcoin Investment Group; Mark Yusco, CEO of Morgan Creek Capital; Greg Xethalis, general counsel at Multicoin Capital; and Perianne Boring, chair of the Digital Chamber.
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