Nakamoto Holdings, a Bitcoin-focused holding company founded by David Bailey, plans to go public through a merger with KindlyMD Inc. (NASDAQ: KDLY), a healthcare services provider. 

The combined company will incorporate a Bitcoin treasury strategy while maintaining KindlyMD’s healthcare operations.

The transaction includes a $710 million capital raise—$510 million in private investment in public equity (PIPE) priced at $1.12 per share, and $200 million in convertible notes—one of the largest funding efforts tied to a Bitcoin treasury initiative.

Nakamoto’s strategy involves acquiring Bitcoin and increasing per-share holdings using a mix of equity, debt, and structured products. 

“This is about bringing Bitcoin into the heart of global capital markets,” Bailey said, describing plans to issue traditional investment instruments linked to Bitcoin exposure.

Over 200 investors participated in the PIPE, including VanEck, ParaFi, Arrington Capital, Adam Back, and Balaji Srinivasan.

KindlyMD will continue operating under CEO Tim Pickett. “KindlyMD clinics will continue their core healthcare work, while joining a larger vision that aligns with financial innovation and patient-first care,” Pickett said.

Following the announcement, KDLY shares surged to $31.45 before settling around $14 by the end of the trading day, up significantly from Friday’s close of $3.90.

The merged entity will trade under the KDLY ticker until a new name and symbol are adopted, pending regulatory and shareholder approval. 

The board will include six members from Nakamoto and one from KindlyMD. The transaction is expected to close in the coming months.

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