Bitcoin treasury company Nakamoto finally completes merger with KindlyMD
Bitcoin has had a busy week, breaking a new all-time high.
It’s been quite the week for bitcoin, which smashed another record and then crossed $124,000 on Thursday. The asset retreated not long after, however, and is trading around $118,000 Friday morning.
It’s also been a great week for Trump adviser David Bailey, whose bitcoin investment company, Nakamoto Holdings, a new bitcoin-native venture, finally merged with healthcare company KindlyMD late Thursday after a multiday delay. Shares were up over 2% in early trading Friday.
The new entity will keep the KindlyMD name, while Nakamoto becomes a wholly owned subsidiary of KindlyMD that “will operate the bitcoin financial services line of business under the Nakamoto brand.”
In a press release, Bailey said, “Our vision is for the world’s capital markets to operate on a bitcoin standard. Today’s merger represents the beginning of that journey for our company. The merger sets the stage for the next chapter of growth, and we look forward to driving value for our shareholders and advancing Bitcoin adoption globally.”
KindlyMD holds 21 bitcoin, but the merged entity said it would use the $540 million of gross proceeds from the private placement in public equity to acquire more bitcoin. Wasting no time, Nakamoto launched a merch line with some “epic gear,” mimicking Strategy’s move.
In other bitcoin news:
Speaking of Strategy, it has officially and legally changed its name from MicroStrategy. The largest corporate bitcoin holder, with 628,946 bitcoin, rebranded in February.
French semiconductor company Sequans Communications announced “a bold plan to acquire 100K BTC” by 2030. The company launched its bitcoin treasury strategy on July 8 and currently holds 3,171 bitcoin.
Treasury Secretary Scott Bessent seemed to walk back comments he made about the bitcoin national strategic reserve after saying on Fox News that the US wouldn’t buy bitcoin for the reserve, which would be funded with “confiscated assets.” The comments sparked a lot of discontent, and Bessent later said on X, “Treasury is committed to exploring budget-neutral pathways to acquire more bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘bitcoin superpower of the world.’”
