The anatomy of a Bitcoin pivot: How KindlyMD raised $51.5M in 72 hours
Nasdaq-listed KindlyMD secured capital to speed up its pivot to a Bitcoin-focused public firm.
In June 2025, KindlyMD Inc. (Nasdaq: KDLY) raised $51.5 million by means of a PIPE (Personal Funding in Public Fairness) transaction, and did it in simply 72 hours. The spherical was tied to the corporate’s pending merger with Nakamoto Holdings, a Bitcoin-native agency led by David Bailey, who can be CEO of BTC Inc., the corporate behind Bitcoin (BTC) Journal.
The funding is a part of a broader plan to merge KindlyMD with Nakamoto Holdings. As soon as the merger is full, the mixed entity will pivot away from healthcare and rebrand itself as Nakamoto Holdings Inc. The capital raised can be used primarily to buy Bitcoin, in accordance with each companies.
As said within the official press launch, David Bailey known as the demand for the elevate “extraordinary,” noting: “We’ve been blown away by the curiosity, closing $51.5 million in underneath 72 hours reveals that institutional traders are able to wager huge on a Bitcoin-native technique.”
Nakamoto Holdings and David Bailey spoke with the crypto neighborhood and on X Areas to announce the merger and capital elevate.
The capital elevate was priced at $5 per share, drawing overwhelming investor curiosity. The corporate famous it had “unbelievable demand” and will have raised much more, however capped the spherical at $51.5M to match short-term treasury deployment plans.
This speedy elevate marked a uncommon second when a standard, non-crypto public firm turned a Bitcoin-first play virtually in a single day.
From healthcare to Bitcoin: Understanding KindlyMD’s company transition
The general public healthcare firm is present process a reverse merger to turn into a full-fledged Bitcoin treasury car.
KindlyMD is initially a healthcare firm centered on different remedy fashions. Based mostly in Utah, it was among the many first corporations to combine data-driven care fashions with legally accepted psychedelic remedies. With 1,600 to 1,900 sufferers monthly throughout its 4 clinics, the corporate operated Utah’s largest medical hashish clinic community. It built-in conventional prescriptions, behavioral therapies and medical hashish into its “Full Care” mannequin to trace outcomes and deal with the opioid disaster.
However after securing shareholder approval, it’s now making ready to merge with Nakamoto Holdings, which was shaped particularly to speed up Bitcoin adoption by way of capital markets.
As soon as the merger closes (anticipated by Q3 2025), KindlyMD will:
- Change its identify to Nakamoto Holdings Inc.
- Start buying and selling underneath a brand new ticker image (NAKA)
- Reorient fully round a Bitcoin-native company technique
Till that merger is full, KindlyMD retains its healthcare id, however its capital construction and market narrative have already begun the pivot.
Do you know? Earlier than its pivot to Bitcoin, KindlyMD was a pioneer in different medication, serving sufferers by means of a community of clinics centered on medical hashish and psychedelic-assisted remedy.
Bitcoin and PIPEs, a brand new path for institutional capital?
PIPEs let public corporations elevate capital rapidly, and a few are utilizing them to purchase BTC immediately.
The PIPE route is turning into a go-to car for quick, versatile capital raises, particularly for corporations present process transformative pivots.
- A PIPE lets a public firm elevate funds immediately from institutional traders, sometimes at a negotiated share value. It’s sooner and extra versatile than an IPO and is more and more getting used to help crypto-aligned methods.
- KindlyMD’s $51.5M PIPE spherical was a textbook instance: quick, oversubscribed, and aligned with a future Bitcoin treasury play. Traders had been supplied fairness upside and oblique publicity to BTC, even earlier than the merger closed.
- As regulatory pathways stay advanced for crypto ETFs and tokens, PIPE-financed public corporations might turn into the subsequent finest route for institutional capital to circulate into Bitcoin.
Do you know? Nasdaq-listed companies like Try Asset Administration and SharpLink Gaming have lately raised a whole bunch of hundreds of thousands of {dollars} by means of PIPE offers, not for R&D or growth, however to purchase Bitcoin and Ether (ETH) for his or her company treasuries.
How Nakamoto Holdings blends asset accumulation with BTC-aligned enterprise fashions
Nakamoto Holdings desires to duplicate the “Bitcoin per share” mannequin whereas actively constructing BTC-aligned companies.
Bailey’s imaginative and prescient with Nakamoto Holdings attracts from Technique’s high-profile treasury technique however provides execution velocity and operational ambition. The aim shouldn’t be solely to amass BTC but in addition to develop Bitcoin holdings on a per-share foundation, giving fairness holders direct publicity to rising reserves.
Submit-merger, the corporate may take many paths, together with, however not restricted to:
- Allocate nearly all of the capital to Bitcoin purchases
- Construct or purchase Bitcoin-native companies in media, fintech and finance
- Observe institutional-grade custody and reporting requirements to keep up investor confidence
It’s a hybrid mannequin, half treasury car, half Bitcoin-native development firm, with pace as a key differentiator.
Bitcoin as technique, not simply reserve
The shift isn’t nearly holding BTC, it’s about rebuilding the corporate round it.
What makes this technique important is the foundational shift it represents. KindlyMD isn’t merely allocating a part of its treasury to Bitcoin. It’s rebuilding its whole id, its identify, its market technique and its operational focus to focus on BTC.
In line with the Nasdaq’s announcement, the mission of Nakamoto Holdings is to turn into “the primary publicly traded Bitcoin-native holding firm,” and to “institutionalize Bitcoin capitalism.” The corporate is explicitly focusing on traders who need publicity to each Bitcoin and Bitcoin-aligned development belongings.
This indicators a deeper evolution of the company Bitcoin narrative: from hedge to anchor, from diversification to definition.
What to anticipate post-merger
If the merger closes as deliberate, the brand new entity will start deploying capital into Bitcoin and extra.
With the merger anticipated to finalize in Q3 2025, the approaching months may carry:
- A ticker change from KDLY to NAKA
- Full rebranding underneath the Nakamoto Holdings Inc. id
- Bitcoin accumulation from the PIPE proceeds
- Strategic bulletins on Bitcoin-native acquisitions and enterprise launches
Institutional custodians will doubtless be used for treasury operations, and the corporate plans to keep up clear disclosures of its BTC reserves, much like Technique’s public BTC reporting mannequin.
If profitable, this might set a precedent for a way non-crypto corporations enter the Bitcoin financial system at scale by means of capital markets.
