KindlyMD and Nakamoto Push Bitcoin Bet to $763M with Fresh PIPE Round

Nakamoto Holdings and KindlyMD, a Utah-based telemedicine provider, have raised their bitcoin treasury target to $763 million through an additional $51.5 million in private investment in public equity (PIPE) financing, announced on June 20, 2025.

This follows their May 2025 plan to allocate $710 million, comprising $510 million in PIPE commitments and $200 million in convertible notes, to acquire bitcoin as a corporate reserve asset. The announcement sparked a significant market reaction, with KindlyMD’s stock price surging from $3.9 to a daily high of $31.45, a remarkable increase of approximately 706%. However, after more than a month of market digestion, the stock price has since declined to $14.22, less than half of its peak value.

The latest funding round, completed in under 72 hours, underscores strong investor confidence in their strategy to amass significant bitcoin holdings, though the June 20 announcement was followed by a slight decline in KindlyMD’s stock price.

David Bailey, Nakamoto’s founder, emphasized the rapid execution, stating, “Investor demand for Nakamoto is incredibly strong. This additional financing was raised in under 72 hours, adding the option for more working capital in addition to acquiring bitcoin”.

Strategic Merger and Financing Details

The $51.5 million PIPE includes stock issuance at $5 per share and KindlyMD common stock, bringing the total PIPE financing to $563 million.

All funds are earmarked for bitcoin purchases upon shareholder approval of the merger between Nakamoto and KindlyMD, listed on NASDAQ under the ticker NAKA. Bailey highlighted the strategic intent, noting, “We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible”.

Post-merger, KindlyMD will continue its medical operations while integrating Nakamoto’s bitcoin-focused treasury strategy, aligning with a growing trend among companies like MicroStrategy to hold cryptocurrency as a balance sheet asset.

Joining a Growing Bitcoin Treasury Trend

Nakamoto and KindlyMD’s strategy mirrors the debt-and-equity capital-raising approach pioneered by Strategy, now adopted by 228 firms, including Metaplanet, Semler Scientific, GameStop, Tether-backed Twenty One, and Trump Media.

This approach leverages financing to build substantial bitcoin reserves, capitalizing on the cryptocurrency’s perceived long-term value.

With the merger pending, Nakamoto and KindlyMD aim to convert all raised funds into bitcoin, potentially transforming their financial structure under David Bailey’s leadership, as institutional interest in cryptocurrency continues to surge.