A Nasdaq-listed company, KindlyMD, managed to raise $51.5 million in just 72 hours to purchase Bitcoin . The company raised the capital through a PIPE (Private Investment in Public Equity) deal in June 2025 . This move marks a significant shift for KindlyMD as it seeks to transform into a Bitcoin-focused public company .
The fundraising is linked to KindlyMD's pending merger with Nakamoto Holdings, a Bitcoin-native firm led by David Bailey, who is also CEO of BTC Inc., the company behind Bitcoin Magazine . The funding is part of a broader plan to merge KindlyMD with Nakamoto Holdings . Once the merger is complete, the combined entity will pivot away from healthcare and rebrand itself as Nakamoto Holdings Inc . The capital raised will be used primarily to purchase Bitcoin, according to both firms .
David Bailey stated that the demand for the raise was “extraordinary,” noting that closing $51.5 million in under 72 hours shows that institutional investors are ready to bet big on a Bitcoin-native strategy . The capital raise was priced at $5 per share, drawing overwhelming investor interest . The company noted it had “incredible demand” and could have raised even more, but capped the round at $51.5M to match short-term treasury deployment plans .
This rapid raise marked a rare moment when a traditional, non-crypto public company became a Bitcoin-first play almost overnight . Nakamoto Holdings, led by David Bailey, a crypto advisor to former U.S. President Donald Trump, aims to build a significant Bitcoin treasury and lead the movement of corporate Bitcoin adoption . The merger with KindlyMD is expected to finalize in Q3 2025, with the combined entity trading on the Nasdaq under the ticker NAKA .
KindlyMD received shareholder approval for its merger with Nakamoto Holdings in May . After the merger, the new company plans to create businesses focused on Bitcoin, such as in finance or media . It stated that it will use stocks and loans to buy more Bitcoin . According to BitcoinTreasuries.NET, 27 companies added BTC to their balance sheets last month, signaling that more businesses are interested in owning Bitcoin .
However, there are risks for companies like Nakamoto Holdings. Fakhul Miah of GoMining Institutional cautioned that smaller firms may lack the risk protections needed for their Bitcoin investments . Standard Chartered, a bank, warned that if Bitcoin's price falls below $90,000, some companies could lose money or have to sell their Bitcoin, which might make the crypto market look bad . Despite the risks, both firms are moving forward with their merger and have further plans to keep buying Bitcoin .