Healthcare services provider KindlyMD has merged with Bitcoin-native holding company Nakamoto Holdings to build a BTC treasury.
According to a May 12 announcement, Nakamoto Holdings — a new company founded by David Bailey, a crypto adviser to US President Donald Trump — plans to build the first global network of Bitcoin (BTC) treasury companies in partnership with BTC Inc. Bailey said:
“Traditional finance and Bitcoin-native markets are converging. 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.”
Long-term, the firm’s plan includes developing an ecosystem of Bitcoin-native companies, including media, advisory and financial services, all aiming to accelerate Bitcoin adoption and utility. The company resulting from the new merger aims to accumulate Bitcoin and grow the BTC held per share.
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Not the first kid on the block
Much like Michael Saylor’s Strategy (formerly MicroStrategy), the new firm plans to leverage equity, debt and other offerings to achieve its objectives. The announcement promises that the company will provide “market exposure to Bitcoin within a compliant, transparent structure.”
Bailey said the combined company he will lead plans to “bring Bitcoin to the center of global capital markets” by integrating it into equity, debt, preferred shares and “new hybrid structures.” He added:
“Our mission is simple: list these instruments on every major exchange in the world.”
Deal includes $710 million in financing
Shares of KindlyMD will continue to trade on the Nasdaq under the symbol “KDLY.” The newly formed company will be renamed and trade under a new ticker.
The board of directors of Nakamoto Holdings and KindlyMD have unanimously approved the transaction, which will also require the approval of the latter company’s shareholders.
The transaction includes $510 million in gross proceeds from a private placement in public equity priced at $1.12 per share and consisting of common stock and pre-funded warrants in KindlyMD and $200 million in gross proceeds from the sale of senior secured convertible notes maturing in 2028.
The financing is expected to close in conjunction with the merger.
Upon completion, the newly combined firm will inherit the obligations and business relationships of Nakamoto Holdings, including marketing services provided by BTC Inc., the publisher of Bitcoin Magazine and organizer of the annual Bitcoin Conference.
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