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The anatomy of a Bitcoin pivot: How KindlyMD raised $51.5M successful 72 hours
Nasdaq-listed KindlyMD secured superior to accelerate its pivot to a Bitcoin-focused nationalist company.
In June 2025, KindlyMD Inc. (Nasdaq: KDLY) raised $51.5 cardinal done a PIPE (Private Investment successful Public Equity) transaction, and did it successful conscionable 72 hours. The circular was tied to the company’s pending merger with Nakamoto Holdings, a Bitcoin-native steadfast led by David Bailey, who is besides CEO of BTC Inc., the institution down Bitcoin (BTC) Magazine.
The backing is portion of a broader program to merge KindlyMD with Nakamoto Holdings. Once the merger is complete, the combined entity volition pivot distant from healthcare and rebrand itself arsenic Nakamoto Holdings Inc. The superior raised volition beryllium utilized chiefly to acquisition Bitcoin, according to some firms.
As stated successful the authoritative property release, David Bailey called the request for the rise “extraordinary,” noting: “We’ve been blown distant by the interest, closing $51.5 cardinal successful nether 72 hours shows that organization investors are acceptable to stake large connected a Bitcoin-native strategy.”
Nakamoto Holdings and David Bailey spoke with the crypto assemblage and connected X Spaces to denote the merger and superior raise.
The superior rise was priced astatine $5 per share, drafting overwhelming capitalist interest. The institution noted it had “incredible demand” and could person raised adjacent more, but capped the circular astatine $51.5M to lucifer short-term treasury deployment plans.
This accelerated rise marked a uncommon infinitesimal erstwhile a traditional, non-crypto nationalist institution became a Bitcoin-first play astir overnight.
From healthcare to Bitcoin: Understanding KindlyMD’s firm modulation
The nationalist healthcare institution is undergoing a reverse merger to go a full-fledged Bitcoin treasury vehicle.
KindlyMD is primitively a healthcare institution focused connected alternate attraction models. Based successful Utah, it was among the archetypal companies to integrate data-driven attraction models with legally approved psychedelic treatments. With 1,600 to 1,900 patients per period crossed its 4 clinics, the institution operated Utah’s largest aesculapian cannabis session network. It integrated accepted prescriptions, behavioral therapies and aesculapian cannabis into its “Complete Care” exemplary to way outcomes and tackle the opioid crisis.
But aft securing shareholder approval, it is present preparing to merge with Nakamoto Holdings, which was formed specifically to accelerate Bitcoin adoption via superior markets.
Once the merger closes (expected by Q3 2025), KindlyMD will:
- Change its sanction to Nakamoto Holdings Inc.
- Begin trading nether a caller ticker awesome (NAKA)
- Reorient wholly astir a Bitcoin-native firm strategy
Until that merger is complete, KindlyMD retains its healthcare identity, but its superior operation and marketplace communicative person already begun the pivot.
Did you know? Before its pivot to Bitcoin, KindlyMD was a pioneer successful alternate medicine, serving patients done a web of clinics focused connected aesculapian cannabis and psychedelic-assisted therapy.
Bitcoin and PIPEs, a caller way for organization capital?
PIPEs fto nationalist companies rise superior quickly, and immoderate are utilizing them to bargain BTC directly.
The PIPE way is becoming a go-to conveyance for fast, flexible superior raises, particularly for companies undergoing transformative pivots.
- A PIPE lets a nationalist institution rise funds straight from organization investors, typically astatine a negotiated stock price. It’s faster and much flexible than an IPO and is progressively being utilized to enactment crypto-aligned strategies.
- KindlyMD’s $51.5M PIPE circular was a textbook example: fast, oversubscribed, and aligned with a aboriginal Bitcoin treasury play. Investors were offered equity upside and indirect vulnerability to BTC, adjacent earlier the merger closed.
- As regulatory pathways stay analyzable for crypto ETFs and tokens, PIPE-financed nationalist companies whitethorn go the adjacent champion way for organization superior to travel into Bitcoin.
Did you know? Nasdaq-listed firms similar Strive Asset Management and SharpLink Gaming person precocious raised hundreds of millions of dollars done PIPE deals, not for R&D oregon expansion, but to bargain Bitcoin and Ether (ETH) for their firm treasuries.
How Nakamoto Holdings blends plus accumulation with BTC-aligned concern models
Nakamoto Holdings wants to replicate the “Bitcoin per share” exemplary portion actively gathering BTC-aligned businesses.
Bailey’s vision with Nakamoto Holdings draws from Strategy’s high-profile treasury strategy but adds execution velocity and operational ambition. The extremity is not lone to get BTC but besides to turn Bitcoin holdings connected a per-share basis, giving equity holders nonstop vulnerability to expanding reserves.
Post-merger, the institution could instrumentality galore paths, including, but not constricted to:
- Allocate the bulk of the superior to Bitcoin purchases
- Build oregon get Bitcoin-native businesses successful media, fintech and finance
- Follow institutional-grade custody and reporting standards to support capitalist confidence
It’s a hybrid model, portion treasury vehicle, portion Bitcoin-native maturation company, with velocity arsenic a cardinal differentiator.
Bitcoin arsenic strategy, not conscionable reserve
The displacement isn’t conscionable astir holding BTC, it’s astir rebuilding the institution astir it.
What makes this method important is the foundational displacement it represents. KindlyMD isn’t simply allocating portion of its treasury to Bitcoin. It is rebuilding its full identity, its name, its marketplace strategy and its operational absorption to halfway astir BTC.
According to the Nasdaq’s announcement, the ngo of Nakamoto Holdings is to go “the archetypal publically traded Bitcoin-native holding company,” and to “institutionalize Bitcoin capitalism.” The institution is explicitly targeting investors who privation vulnerability to some Bitcoin and Bitcoin-aligned maturation assets.
This signals a deeper improvement of the firm Bitcoin narrative: from hedge to anchor, from diversification to definition.
What to expect post-merger
If the merger closes arsenic planned, the caller entity volition statesman deploying superior into Bitcoin and more.
With the merger expected to finalize successful Q3 2025, the coming months could bring:
- A ticker alteration from KDLY to NAKA
- Full rebranding nether the Nakamoto Holdings Inc. identity
- Bitcoin accumulation from the PIPE proceeds
- Strategic announcements connected Bitcoin-native acquisitions and concern launches
Institutional custodians volition apt beryllium utilized for treasury operations, and the institution plans to support transparent disclosures of its BTC reserves, akin to Strategy’s nationalist BTC reporting model.
If successful, this could acceptable a precedent for however non-crypto companies participate the Bitcoin system astatine standard done superior markets.
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