BREAKING Bitcoin News: David Bailey’s Firm Merges with Nakamoto to Launch $710M BTC Treasury

Key Insights:

• Bitcoin news about the merger brings $710 million funding to create public Bitcoin treasury with healthcare operations intact.
• David Bailey to lead the new entity focused on Bitcoin investments, media, and consulting services.
• Over 200 investors join PIPE financing, including Van Eck, Actai Ventures, and Ricardo Salinas.

Salt Lake City-based KindlyMD, Inc. (NASDAQ: KDLY) has signed a definitive merger agreement with Nakamoto Holdings, a company focused on Bitcoin investments. On May 12, 2025, the firm announced the deal, with $710 million of new investment included in it. The merger marks a major shift for the healthcare firm as it joins forces with a Bitcoin-native entity to build a public market Bitcoin treasury.

Funding sources comprise $510 million from private investment in public equity (PIPE) and $200 million in convertible bonds. The PIPE round gathered over 200 investors, among whom were companies such as Actai Ventures, Van Eck, and Arrington Capital. Individual backers include early Bitcoin supporters like Adam Back and billionaire Ricardo Salinas.

Completion of the merger depends on the results of regulatory examination and shareholder approval. Until then, KindlyMD will continue to trade under the ticker symbol KDLY on NASDAQ.

Bitcoin News: David Bailey to Lead the Combined Company

David Bailey, the founder of BTC Inc. and UTXO, will become the new company’s CEO. His plan is to create a platform that uses Bitcoin as a core financial asset while offering services in media, finance, and consulting. The company will hold Bitcoin on its balance sheet and aim to grow its holdings through both equity and debt offerings.

For over a decade, Bailey has participated in the cryptocurrency industry and has previously shared his expertise on digital asset policy. His leadership signals a shift in how public companies may use Bitcoin for long-term value storage and growth.

Tim Pickett, CEO of KindlyMD, will remain involved with the healthcare division. He views the merger as a way to strengthen KindlyMD’s mission by bringing in new capital and broader business support from the Bitcoin industry.

KindlyMD to Maintain Healthcare Operations

KindlyMD will continue running its medical services following the merger. The emphasis of the company is on providing holistic care, in particular for those suffering from chronic pain and wanting to decrease opioid use. Changes at the company’s core will not affect the healthcare side of its operations.

The company’s finances have been a source of difficulty for the medical firm, as per recent Bitcoin news. The company has both a gross profit margin of -59.5% and revenue that dropped by more than 28% this year. Revenue over the past twelve months added up to $2.47 million. However, KindlyMD has low debt relative to equity and has enough current assets to meet its short-term needs.

According to Bailey’s team, the healthcare activities are set to continue. Instead, they will run alongside the new focus on Bitcoin-based financial strategies.

Plans for Public Bitcoin Investment Platform

The new company plans to build a public-facing Bitcoin investment model. It will list Bitcoin-backed financial products and services on major exchanges while following regulatory standards. The goal is to offer public investors a way to gain exposure to Bitcoin through traditional financial markets.

The board of directors for the new company will include six members from Nakamoto and one from KindlyMD. BTC Inc., a media and consulting firm owned by Bailey, will continue to provide marketing support under an existing agreement.

Legal advisors for Nakamoto include Reed Smith LLP and Loeb & Loeb LLP. KindlyMD is being advised by Brunson Chandler & Jones, PLLC and HighGate Capital Partners. Cohen & Company Capital Markets and 10X Capital are also involved in the transaction.

Bailey has also made plans to raise $300 million for a separate Bitcoin investment firm, which will operate outside of the new public company. Both initiatives aim to build an ecosystem where Bitcoin is used as a strategic financial asset across sectors.

Further updates on the merger and its regulatory filings will be made available through the U.S. Securities and Exchange Commission at SEC’s page.

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