- Nakamoto Holdings and healthcare firm KindlyMD are merging to create a new Bitcoin treasury operation.
- David Bailey, a crypto advisor and former campaign policy advisor for Donald Trump, will serve as CEO of the new company.
Nakamoto Holdings, co-founded by Bitcoin Magazine CEO David Bailey, has announced an agreement with KindlyMD to launch a Bitcoin-focused treasury company, according to statements released by both firms on Monday. The venture aims to accelerate Bitcoin adoption and will operate as a result of the two companies merging.
The new entity raised a total of $710 million to support its launch. This includes $510 million through private investment in public equity and $200 million via convertible debt. More than 200 investors participated, including Actai Ventures, Arrington Capital, and BSQ Capital Partners. According to the announcement, this marks the largest public cryptocurrency transaction to date.
It was also confirmed that “The securitization of Bitcoin will redraw the world’s economic map. We believe a future is coming where every balance sheet—public or private—holds Bitcoin,” Bailey said in his statement. As CEO of the newly formed Bitcoin treasury, Bailey brings prior experience as an advisor on crypto policy to Donald Trump during his 2024 campaign.
The partnership is expected to create what the companies describe as “the first global network of Bitcoin treasury companies,” with goals to encourage broader Bitcoin adoption and practical use. KindlyMD, previously a healthcare company focused on addressing the opioid crisis, confirmed that it will continue supporting its health service mission following the merger.
Bitcoin treasury firms are businesses that purchase and hold Bitcoin as a central part of their corporate treasury strategy. MicroStrategy (now named Strategy) was one of the earliest to adopt this model, enabling investors to gain exposure to Bitcoin without needing to directly buy the cryptocurrency themselves.
In related industry news, another major transaction was recently announced by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group, who revealed plans to form Twenty One, a Bitcoin-centric company with a treasury of over 42,000 Bitcoin, estimated at $3.9 billion.
Following the merger announcement, KindlyMD’s stock price rose more than 300% in recent trading.
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