KindlyMD Merges with Nakamoto Holdings, Secures $710 Million Funding
KindlyMD has merged with Nakamoto Holdings, raising over $710 million in funding. This merger will focus on Bitcoin treasury management.
Key Highlights
- The merger involves KindlyMD, trading as KDLY, and Nakamoto Holdings, led by David Bailey.
- Bitcoin recently surpassed $100,000, coinciding with the merger announcement.
- The new entity aims to integrate Bitcoin into its financial strategy, offering equity, debt, and hybrid instruments backed by Bitcoin.
- $710 million was raised through a Private Placement in Public Equity (PIPE) and senior secured convertible notes.
- Funding included contributions from over 200 investors, such as Arrington Capital and Van Eck.
- Bailey will serve as CEO, focusing on Bitcoin as the core asset of the conglomerate.
- Tim Pickett remains CEO of KindlyMD’s healthcare division, which will continue operations targeting the opioid crisis.
- Both boards have approved the merger, pending shareholder approval and standard conditions.
In a related note, Japan's Metaplanet has surpassed El Salvador in Bitcoin reserves after acquiring 1,241 BTC for approximately $129 million.