KindlyMD Shareholders Approve Bitcoin-Focused Merger With Nakamoto Holdings

KindlyMD shareholders have approved a merger with Nakamoto Holdings, a Bitcoin holding firm, marking a significant pivot for the U.S.-based healthcare services provider towards embracing Bitcoin as a core part of its business strategy. The merger, announced on May 20, 2025, is expected to close in the third quarter of the same year, pending the filing of information statements with the Securities and Exchange Commission by both companies.
Nakamoto Holdings, led by David Bailey, seeks to consolidate Bitcoin-native businesses under one umbrella. The merger will provide Nakamoto Holdings with 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. Bailey expressed gratitude for KindlyMD's support, stating, "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."
The companies first announced the proposed merger on May 12, 2025, describing 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.
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.
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.
Meanwhile, in Latin America, 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 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 purchase, adding more BTC to its balance sheet.

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