Nakamoto and KindlyMD Merge into Nasdaq Bitcoin Treasury
Nakamoto, founded by Trump adviser David Bailey, has merged with healthcare firm KindlyMD to form a Nasdaq-listed Bitcoin treasury vehicle under the ticker NAKA. David Bailey becomes CEO and chairman, with former KindlyMD CEO Tim Pickett as chief medical officer. The combined firm aims to accumulate 1 million BTC, entering the top Bitcoin treasury holders. Following a three-digit share rally since May 12, NAKA shares jumped 13.4% on the merger news. With only 21 BTC on its balance sheet, the company will deploy $540 million from a recent PIPE financing to purchase about 4,544 BTC and plans to close a $200 million convertible note offering. The new board includes Eric Weiss, Mark Yusco, Greg Xethalis and Perianna Boring. This move mirrors institutional Bitcoin accumulation trends led by MicroStrategy, BlackRock and Fidelity, signaling a bullish outlook for Bitcoin adoption.
Bullish
This merger creates a Nasdaq-listed Bitcoin treasury vehicle with ambitious BTC accumulation targets and ample financing, which is likely to drive buying pressure and positive market sentiment. In the short term, deploying $540 million in PIPE funds to purchase about 4,544 BTC and the imminent $200 million convertible note offering could support upward price momentum. Longer-term, joining the ranks of institutional holders alongside MicroStrategy, BlackRock and Fidelity signals growing adoption, reinforcing a bullish outlook on Bitcoin’s market demand and price trajectory.