KindlyMD, Inc. announced on May 12, 2025, that it has entered into a definitive merger agreement with Nakamoto Holdings Inc., a Bitcoin-native holding company. This merger marks a strategic pivot to establish a Bitcoin treasury strategy for the combined entity.
David Bailey, Founder and CEO of Nakamoto, will lead the combined company as CEO. The transaction includes $510 million in gross proceeds from a PIPE financing, priced at $1.12 per share, and $200 million in gross proceeds from the sale of senior secured convertible notes maturing in 2028.
The total capital raise of $710 million is intended to fund Bitcoin purchases and general corporate purposes. KindlyMD's existing healthcare operations will continue under Tim Pickett, CEO and founder of KindlyMD, maintaining its mission to combat the opioid crisis.
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