Crypto
A bronze statue of “Satoshi Nakamoto”
A bronze statue of Satoshi Nakamoto (Attila Kisbenedek/Getty Images)

Bitcoin treasury company Nakamoto finally completes merger with KindlyMD

Bitcoin has had a busy week, breaking a new all-time high.

Yaël Bizouati-Kennedy

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 Nakamoto 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.’”

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Sage D. Young

The decentralized finance ecosystem had a brutal April, logging the highest monthly number of exploits ever at 28 hacks, with exploiters siphoning off a total of $635.2 million, data from DefiLlama shows. 

The two largest exploits in April occurred on ethereum-based protocol KelpDAO and solana-native trading venue Drift. The incidents rattled on-chain users, as the total value locked in DeFi across all networks dropped from a monthly high of $99.5 billion to $84.3 billion on Friday. 

“It’s a real problem, and if AI proponents (thinking specifically of Anthropic’s claims about Mythos) are to be believed, it’s only going to get worse,” according to Fredrick Collins, CEO of crypto analytics platform Velo.xyz. Collins argued that these exploits act as a significant limiter of institutional appeal, pointing to TheBlock’s report last week that JPMorgan held a similar view. 

“It’s simple — for many people, having any chance that you lose your entire investment or balance in something supposed to be ‘safe’ is too much to bear,” Collins told Sherwood News. 

However, not everyone thinks the recent hacks will curb interest from institutions. Nicolai Søndergaard, a research analyst at blockchain data firm Nansen, said to Sherwood, “I do not think these hacks will be a limit to institutional capital given the impact of AI and the speed at which threats appear stretch far beyond this industry.” 

Søndergaard continued, “Crypto to me seems to have been hit harder as many projects perhaps wanted to get a product out there quickly and didn’t invest enough in security, even with companies around to audit.” 

DeFi aims to enable internet users to have access to financial services, such as borrowing, lending, and trading, without any centralized intermediaries.

Yaël Bizouati-Kennedy
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After bitcoin’s best month in a year, analysts weigh in on factors for it to break $80,000 in May

May has an over 7% average historical return, but whether bitcoin can replicate this result and finally break the $80,000 level hinges on several factors.

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Riot Platforms rises following Q1 revenue beat

The bitcoin miner turned data center operator released first-quarter earnings that surpassed expectations for revenue. Shares built on strong gains from Thursday’s session in after-hours trading following the results.

Riot Platforms reported:

  • Q1 revenue of $167.2 million, growing 3.6% from the same quarter a year ago and surpassing analysts’ expectations of $131 million.

  • A diluted loss per share of $1.44, much worse than analysts’ consensus estimate of a $0.72 loss, which includes unrealized loss on its bitcoin holdings.

The bulk of company’s revenue stems from its bitcoin mining activity, which made up $111.9 million in the quarter, while its data center housing revenue stood at $33.2 million, per its press release.

The first quarter of 2026 marks an inflection point for Riot. CFO Jason Chung said on Thursday in the firm’s Q1 earnings conference call, “With the delivery of our first 5 megawatts to AMD this quarter, Riot is now an active data center operator, and for the first time, our top line now includes contracted lease revenue from an investment-grade tenant.”

The earnings report comes the same week the company announced amending its $200 million credit agreement with Coinbase by replacing a floating interest rate with a fixed rate, according to an SEC filing dated on Monday.

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Trump-backed World Liberty token sinks to new all-time low amid governance proposal to unlock 62 billion tokens

The top 22 addresses voting in favor control 4.8 billion tokens, making up the majority of “yes” votes.

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Merger of Twenty One with Strike and Elektron may portend the future for digital asset treasury companies

“The market is realizing it simply isn’t a strong long-term company model.”

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