David Bailey's firm raised $710 million to create a Bitcoin reserve

Nakamoto Holdings has announced a merger with the medical provider KindlyMD (Nasdaq: KDLY), to create a reserve of the first cryptocurrency.

BREAKING: David Bailey and holding company Nakamoto raises $710 million and announces merger with KindlyMD to establish #Bitcoin Treasury. pic.twitter.com/eCuJfemaQh

— Bitcoin Magazine (@BitcoinMagazine) May 12, 2025

The deal involves raising $710 million: $510 million through a private placement of shares and $200 million through convertible bonds.

The merged company will be public and will focus on forming a bitcoin treasury. The CEO will be David Bailey, the CEO of Bitcoin Magazine, founder of Nakamoto and BTC Inc. Tim Pickett will continue to oversee the operational activities of KindlyMD, which includes four clinics in Utah.

"Our goal is to make Bitcoin the foundation of global markets, turning it into instruments like stocks or bonds, accessible to every investor," Bailey stated.

According to him, Nakamoto will be the first public conglomerate to integrate cryptocurrency into traditional financial structures.

Among the investors in the private round are the funds Arrington Capital, VanEck, Yorkville Advisors, and private individuals, including Bitmain co-founder Jihan Wu and Semler Scientific CEO Eric Semler. The convertible bonds were purchased by the Yorkville Advisors fund.

The shares of the merged company will temporarily retain the ticker KDLY on Nasdaq. The board of directors will consist of six representatives from Nakamoto and one from KindlyMD. The deal requires the approval of the healthcare provider's shareholders.

Nakamoto also entered into an agreement with BTC Inc. (the parent company of Bitcoin Magazine) for marketing support of the bitcoin reserve.

KDLY is trading at $19.69, with shares rising by 404.87% after the merger announcement.

Data: Google Finance. Recall that in April, Upexi's shares rose by 583% after the adoption of the Solana reserve strategy.