Nakamoto Holdings has announced a merger with medical provider KindlyMD (Nasdaq: KDLY), which will establish a reserve of the leading cryptocurrency.
The deal involves raising $710 million: $510 million through a private placement of shares and $200 million via convertible bonds.
The merged entity will be publicly traded and focus on building a Bitcoin treasury. David Bailey, CEO of Bitcoin Magazine and founder of Nakamoto and BTC Inc., will serve as CEO. Tim Pickett will continue to oversee KindlyMD’s operations, which include 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 become the first public conglomerate to integrate cryptocurrency into traditional financial structures.
Investors in the private round include funds such as Arrington Capital, VanEck, Yorkville Advisors, and individuals like Bitmain co-founder Jihan Wu and Semler Scientific CEO Eric Semler. Yorkville Advisors purchased the convertible bonds.
The merged company’s shares 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 approval from the medical provider’s shareholders.
Nakamoto has 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% following the merger announcement.
