David Bailey's Bitcoin company Nakamoto has completed a merger with the healthcare enterprise KindlyMD, forming a Nasdaq-listed Bitcoin reserve company that plans to accumulate 1 million Bitcoins.
After the merger, the company will continue to use the KindlyMD name and will trade under the ticker NAKA on Nasdaq, with Nakamoto becoming its wholly-owned subsidiary.
Nakamoto is one of many companies dedicated to acquiring a significant share of the fixed supply of 21 million Bitcoins.
Bailey will serve as the CEO and Chairman of the newly merged entity, while former KindlyMD CEO Tim Pickett will take on the role of Chief Medical Officer, overseeing the company's healthcare business. The company made the announcement on Thursday.
In response to this news, KindlyMD's stock price rose by 13.4%, achieving a three-digit increase since the two companies announced the merger agreement on May 12.
Bailey stated, "Our vision is to have global capital markets operate on a Bitcoin standard. Today's merger marks the starting point of our company's journey." Bailey previously served as a Bitcoin advisor to former U.S. President Trump.
KindlyMD stated that the company's mission is to acquire 1 million Bitcoins (BTC), enhance Bitcoin's accessibility for investors, and create a range of Bitcoin products to assist businesses and governments in adopting Bitcoin.
Michael Saylor's Strategy company currently holds 628,946 Bitcoins and has stated it will not slow down its acquisition pace, while Metaplanet and Semler Scientific plan to accumulate 210,000 and 105,000 Bitcoins, respectively, by the end of 2027.
Bitcoin ETF issuers like BlackRock and Fidelity are also significantly increasing their Bitcoin holdings, further driving up market demand.
Currently, KindlyMD holds only 21 Bitcoins, but the company has indicated that it will use the $540 million raised from recent PIPE (Private Investment in Public Equity) financing to expand its Bitcoin reserves.
At current market prices, KindlyMD could add 4,544 Bitcoins to its assets. According to BitBo's Bitcoin treasury dashboard, this would place it among the top 20 Bitcoin reserves globally.
KindlyMD also plans to complete a previously announced $200 million convertible bond issuance on Saturday.
KindlyMD announced the addition of several new members to its board, including Bitcoin investment group founder Eric Weiss (who helped Saylor become a Bitcoin supporter) and Mark Yusko, founder and CEO of Morgan Creek Capital Management.
Greg Xethalis, General Counsel and Partner at Multicoin Capital, and Perianna Boring, President of the Digital Chamber, also joined the board.
The 13.4% increase pushed NAKA's stock price up to $15.02, raising its market capitalization to $114.25 million, according to Google Finance data.
Since the merger agreement was announced on May 12, KindlyMD's stock price has risen by $2.85, continuing the strong appreciation trend among companies purchasing Bitcoin.
Related: Reports indicate that Vietnamese police have uncovered a multi-billion dollar cryptocurrency Ponzi scheme behind Paynet Coin.
Original: “David Bailey's Nakamoto and KindlyMD Complete Merger to Establish Bitcoin (BTC) Reserve Company”
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