KindlyMD Raises $51.5 Million in 72 Hours for Bitcoin Pivot

In June 2025, KindlyMD Inc., a Nasdaq-listed company, successfully raised $51.5 million through a Private Investment in Public Equity (PIPE) transaction within a mere 72 hours. This capital infusion was part of a broader strategy to merge with Nakamoto Holdings, a Bitcoin-focused firm led by David Bailey, who is also the CEO of BTC Inc., the company behind Bitcoin Magazine. The funds raised are primarily earmarked for the purchase of Bitcoin, marking a significant pivot for KindlyMD from its original healthcare focus to a Bitcoin-centric strategy.

The demand for this capital raise was described as "extraordinary" by David Bailey, who noted the overwhelming interest from institutional investors. The round was priced at $5 per share and could have raised even more, but was capped at $51.5 million to align with short-term treasury deployment plans. This rapid fundraising effort highlights a rare instance where a traditional public company transitioned almost overnight into a Bitcoin-first entity.

KindlyMD, originally a healthcare company based in Utah, was known for its innovative approach to alternative treatment models, including the integration of data-driven care with legally approved psychedelic treatments. The company operated one of the largest medical cannabis clinic networks in Utah, serving 1,600 to 1,900 patients per month across its four clinics. Its "Complete Care" model combined traditional prescriptions, behavioral therapies, and medical cannabis to track outcomes and address the opioid crisis. However, with shareholder approval secured, KindlyMD is now preparing to merge with Nakamoto Holdings, which was formed to accelerate Bitcoin adoption through capital markets.

Once the merger is complete, expected by Q3 2025, KindlyMD will rebrand as Nakamoto Holdings Inc. and begin trading under a new ticker symbol, NAKA. The company will fully reorient its strategy around Bitcoin, becoming a Bitcoin-native corporate entity. Until the merger is finalized, KindlyMD retains its healthcare identity, but its capital structure and market narrative have already begun to shift towards Bitcoin.

The PIPE transaction is becoming an increasingly popular vehicle for companies to raise capital quickly and flexibly, especially for those undergoing transformative pivots. This method allows public companies to raise funds directly from institutional investors at a negotiated share price, offering faster and more flexible capital raises compared to traditional IPOs. KindlyMD’s $51.5 million PIPE round is a prime example of this trend, demonstrating how companies can align their strategies with future Bitcoin treasury plays and offer investors equity upside and indirect exposure to BTC.

Nakamoto Holdings aims to replicate the "Bitcoin per share" model while actively building Bitcoin-aligned businesses. The company's vision, led by David Bailey, combines the high-profile treasury strategy of holding Bitcoin with the operational ambition of growing Bitcoin holdings on a per-share basis. Post-merger, Nakamoto Holdings could allocate the majority of its capital to Bitcoin purchases, build or acquire Bitcoin-native businesses in media, fintech, and finance, and follow institutional-grade custody and reporting standards to maintain investor confidence. This hybrid model positions the company as both a treasury vehicle and a Bitcoin-native growth company, with speed as a key differentiator.

The shift to a Bitcoin-centric strategy represents a foundational change for KindlyMD. The company is not merely allocating part of its treasury to Bitcoin; it is rebuilding its entire identity, name, market strategy, and operational focus around BTC. The mission of Nakamoto Holdings is to become the first publicly traded Bitcoin-native holding company and to institutionalize Bitcoin capitalism. This signals a deeper evolution of the corporate Bitcoin narrative, moving from a hedge to an anchor, and from diversification to definition.

If the merger closes as planned, the new entity will begin deploying capital into Bitcoin and other strategic initiatives. The coming months could see a ticker change from KDLY to NAKA, full rebranding under the Nakamoto Holdings Inc. identity, Bitcoin accumulation from the PIPE proceeds, and strategic announcements on Bitcoin-native acquisitions and business launches. Institutional custodians will likely be used for treasury operations, and the company plans to maintain transparent disclosures of its BTC reserves, similar to Strategy’s public BTC reporting model. If successful, this could set a precedent for how non-crypto companies enter the Bitcoin economy at scale through capital markets.