KindlyMD Shares Soar 250% Following Merger with Nakamoto Holdings
Shares of KindlyMD (KDLY) surged by 250% following its merger with Nakamoto Holdings, a Bitcoin investment firm led by David Bailey.
Funding Details
- Merger secured $710 million in funding: $200 million from convertible debt and $510 million from a private investment in public equity (PIPE).
- PIPE shares priced at $1.12; convertible notes convert at $2.80 with zero-coupon for the first two years.
- The funding round attracted over 200 investors, including Actai Ventures and Arrington Capital.
- Notable individual backers include Adam Back and Balaji Srinivasan.
Strategic Implications
- Karides described the merger as “transformational,” highlighting Bitcoin's integration into capital markets.
- KindlyMD aims to address opioid addiction while expanding into Bitcoin-focused businesses.
- Plans for rebranding and a change of ticker symbol from KDLY are underway.
- CEO Tim Pickett confirmed that clinics will maintain their focus on treating opioid addiction.
Bitcoin (BTC) is trading around $102,260, with an 8% increase over the week, nearing its all-time high of $109,000 reached earlier this year.