Original Title: "680 Million USD 'Bottom Fishing' BTC, Floating Loss of Tens of Millions, Trump's Crypto Advisor's 'Whale Debut'"
Original Source: BitpushNews
In Salt Lake City, Utah, KindlyMD was originally a clinic network focused on treating opioid dependence. Founder and CEO Tim Pickett has repeatedly emphasized: "We don't just treat illness; we help patients rebuild their lives." In the U.S. healthcare system, KindlyMD gained attention for its "integrative healthcare" model.
However, in August 2025, a piece of news brought this company into the global spotlight of crypto finance: KindlyMD completed a merger with Nakamoto Holdings, officially transforming into a Bitcoin treasury company. After the merger, the stock code changed to NAKA, and it immediately announced the purchase of 5,744 Bitcoins, spending approximately 679 million USD.
Overnight, this relatively well-known medical company became a new whale in the Bitcoin capital market.
David Bailey: Bitcoin Evangelist and Trump's 'Advisor'
Driving this transformation is David Bailey.
He is the CEO of Bitcoin Magazine, long active in Bitcoin industry conferences and initiatives, regarded as one of the early evangelists of "Bitcoin treasuryization."
In 2023, he founded Nakamoto Holdings, a company with no complex products or cumbersome operations, only one goal: to buy as much Bitcoin as possible with capital.
Bailey describes it as: "This is the Bitcoin treasury project."
During the 2024 U.S. presidential election, Bailey served as an external advisor/consultant, providing policy-level advice and communication to Trump's campaign team on issues related to digital assets and Bitcoin.
He is widely regarded as a key driver in Trump's transformation from a crypto skeptic to a Bitcoin supporter. It was he who proposed the strategic idea of using crypto assets as policy leverage and public asset reserves, thereby influencing Trump's stance and policy direction.
At last year's Bitcoin conference, Trump publicly stated: "Dave, you did a great job," expressing his recognition of Bailey.
According to CNBC, citing informed sources, he has visited the White House at least six times. Bailey himself publicly stated: "The president has delivered on his promise to the Bitcoin industry, and I will always be grateful for that."
Notably, in the advisory board of Japan's "MicroStrategy" company Metaplanet, Bailey is a member alongside Eric Trump (Trump's second son). This creates a subtle resonance between the strategy of KindlyMD/NAKA and the Trump family's layout in crypto finance.
PIPE + Convertible Bonds: Capital Magic
In the summer of 2025, Bailey found his "listing vehicle"—KindlyMD.
The transformation of KindlyMD was not a simple shell change. Through a complex capital operation, Bailey prepared ample ammunition for NAKA:
· PIPE financing of 540 million USD, with an issue price of 1.12 USD/share;
· Convertible bonds of 200 million USD, zero interest for the first two years, 6% interest starting in the third year, with a conversion price of 2.80 USD.
Bailey stated in an interview with CNBC: "I can raise 100 million USD almost every day, sometimes even 200 million."
This financing received support from over 200 investors, including Actai Ventures, Arrington Capital, BSQ Capital Partners, Kingsway, Van Eck, and Yorkville Advisors.
The investor list for NAKA is almost a "Bitcoin Hall of Fame":
· Adam Back: Inventor of Hashcash, CEO of Blockstream.
· Balaji Srinivasan: Former CTO of Coinbase, former partner at a16z.
· Jihan Wu: Co-founder of Bitmain.
· Ricardo Salinas: Mexican billionaire, staunch BTC believer.
· Eric Semler: Wall Street veteran, Chairman of Semler Scientific.
· Simon Gerovich: CEO of Metaplanet, promoting Japanese listed companies to become "Asia's MicroStrategy."
Type Description Institutional Investors: Actai Ventures, Arrington Capital, BSQ Capital, Kingsway, Off The Chain, ParaFi, RK Capital, Van Eck, Yorkville Advisors (through YA II PN, Ltd.) Individual Investors: Adam Back, Balaji Srinivasan, Danny Yang, Eric Semler, Jihan Wu, Ricardo Salinas, Simon Gerovich Financing Method: PIPE (~$510M), Convertible Bonds ($200M), totaling approximately $710M Rapid Financing: June PIPE $51.5M, completed in just 72 hours.
These names represent the capital power of the global Bitcoin industry. From Wall Street to Asia, from mining machines to exchanges, NAKA gathers a global map of Bitcoin power.
With capital backing, NAKA made its "whale debut": buying 5,764.91 Bitcoins at an average price of 118,204 USD/each, directly entering the top twenty corporate Bitcoin holders globally.
Strategy²?
To understand NAKA's strategy, it must be viewed in the context of Strategy (formerly MicroStrategy).
· Strategy: Since 2020, founder Michael Saylor has converted the company's cash into Bitcoin, currently holding 629,376 BTC, worth over 72 billion USD. It has completely transformed into a "Bitcoin proxy stock," with its market value deeply tied to BTC's movements.
· NAKA: Currently holds only 5,765 BTC, equivalent to 0.9% of MicroStrategy's scale.
But Bailey's goal is more aggressive: to establish a network of Bitcoin treasury companies in the global capital market, ultimately holding 1 million BTC, accounting for nearly 5% of Bitcoin's total supply.
If MicroStrategy is the "pioneer," then NAKA is "Strategy²."
But the market is always cruel.
NAKA bottomed out at an average price of 118,204 USD, and as of August 19, when this article was published, Bitcoin had dropped to a daily low of about 112,757 USD, resulting in a floating loss of approximately 31.39 million USD for NAKA, which is not significant, only accounting for 4% of the total investment. However, it reveals the inherent risk of the Bitcoin treasury model: stock prices and corporate value are almost entirely tied to Bitcoin prices.
Nevertheless, this is a long-term strategic game aimed at a million BTC reserve, where short-term fluctuations may actually provide better entry opportunities.
According to data from bitcointreasuries.net, there are currently 168 publicly listed companies holding Bitcoin, totaling over 983,000 BTC, close to 5% of Bitcoin's total supply.
In addition to MicroStrategy and NAKA, a new player is also attracting market attention—Twenty One. It was co-founded by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, initially holding 43,500 BTC, worth nearly 5 billion USD at current market prices. Although it has not yet officially traded, its consortium background indicates that the Bitcoin treasury model is transitioning from "single company bets" to a stage driven by cross-industry consortium collaboration.
As capital giants begin to view Bitcoin as a core allocation of their balance sheets, the market's pricing power is quietly shifting away from scattered retail investors to institutional alliances that possess financing, investment banking tools, and multinational resources.
Is this the beginning of a new chapter in financial history, or a re-enactment of an old narrative?
Regardless of the answer, history will remember this moment: a medical company transformed into a Bitcoin whale. And behind it, what truly influences the future price curve of Bitcoin is no longer the emotions of retail investors, but the patience and ambition of institutional capital.
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