- Kindly’s proposed merger with David Bailey’s companies boosted its valuation to a level over five times greater than MicroStrategy’s by mNAV.
- The combined entity, to be named Nakamoto, briefly reached a market capitalization imputed at $17 billion, far exceeding its Bitcoin asset value.
- Kindly’s share price dropped sharply from its peak, but its mNAV remained high compared to other bitcoin-focused public companies.
Bitcoin Magazine’s CEO, David Bailey, revealed a plan to merge several of his companies into the publicly traded Kindly on May 12, 2025. According to investor responses and social media activity, this news temporarily propelled Kindly to a market valuation multiple far above peers like MicroStrategy. This boost was highlighted by Michael Saylor, MicroStrategy’s founder, amplifying Bailey’s announcement online.
Reports showed that Bailey’s soon-to-be entity, which will operate under the name Nakamoto, briefly recorded a multiple-to-net asset value (mNAV) exceeding 20X. The mNAV metric, which measures a public company’s market cap compared to its bitcoin holdings, is used widely among bitcoin-focused stock investors. As noted on X (formerly Twitter), Kindly’s market cap at its high surpassed $187 million, leading to an implied full-company valuation of $17 billion after the merger.
The SEC filing for investors stated that after the merger, Kindly shareholders would hold about 1.1% of the new Nakamoto company. As explained in the article, the gross proceeds for the capital raise linked to the merger amounted to $710 million. Even assuming all proceeds went toward purchasing bitcoin, Kindly’s mNAV briefly surged over 23X during morning trading.
For comparison, according to current data, MicroStrategy’s mNAV stands at 1.9X, with a market cap of approximately $111 billion based on bitcoin holdings worth $57 billion. MicroStrategy’s highest mNAV over the past year was around 4.2X, considerably lower than Kindly’s peak.
After the initial jump, Kindly’s share price fell by half later in the day. At the time of publication, Kindly’s market cap was $95 million, imputing an $8.6 billion valuation for the future Nakamoto entity, with an mNAV remaining above 10X if the company holds $712.5 million worth of bitcoin.
mNAV is a common calculation for bitcoin-holding companies, signaling when a company’s stock market value outpaces its underlying bitcoin assets. Any ratio above 1 indicates the market values the business higher than its bitcoin holdings alone. More information can be found through Kindly’s official filings and the Protos source article.
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