Salt Lake City-based healthcare company KindlyMD Inc. (NASDAQ: KDLY) saw its stock price soar more than 620% in pre-market trading Monday, jumping from $3.90 to $27.00, following the announcement of a landmark merger with Bitcoin-native holding company Nakamoto Holdings Inc.
The merger represents one of the first crossovers seen between traditional healthcare and the digital asset ecosystem to date.
Nakamoto was founded by Bitcoin Magazine CEO David Bailey, who plans to turn KindlyMD into the flagship of a new Bitcoin treasury conglomerate.
The merged entity’s goal is to build a stockpile of Bitcoin and generate what it refers to as “Bitcoin Yield”. Simply, this means it plans to collect and hold a large amount of Bitcoin and grow the amount of Bitcoin each share represents. They’ll do this by selling new stocks and borrowing money to buy more Bitcoin.
The structure allows investors to directly participate in Bitcoin investments through a public company in a regulated manner.
Backed by a record of over $710 million in PIPE (private investment in public equity) funding, the transaction featured over 200 investors from six continents, with some of crypto’s leading names — Adam Back, Balaji Srinivasan, Jihan Wu, and Ricardo Salinas, among others — leading the deal. Among the institutions are VanEck, ParaFi, Kingsway, and Yorkville Advisors.
Bailey aims to establish a financial empire centered around Bitcoin, drawing a distinction from traditional banking dynasties. “The securitization of Bitcoin will redraw the world’s economic map,” he declared, promising to have Bitcoin on every balance sheet and stock exchange.
KindlyMD CEO Tim Pickett described the merger as a “strategic jump” and highlighted Nakamoto’s experience with Bitcoin treasury as something that will drive long-term value.
Add Comment