KindlyMD Buys $679M in Bitcoin After Merger With Nakamoto

Nasdaq-listed healthcare company KindlyMD purchased $679M in Bitcoin after merging with Nakamoto Holdings. The firm targets 1M BTC as part of its long-term treasury plan.

Nasdaq-listed healthcare and Bitcoin treasury company KindlyMD has announced a major corporate crypto purchase. The firm acquired 5,744 BTC worth $679 million at an average price of $118,204 per coin.

Bitcoin treasury strategy after merger

This marks the company’s first major Bitcoin investment following its merger with Nakamoto Holdings, founded by former Trump crypto adviser David Bailey. The company’s mission is ambitious: to acquire 1 million BTC and build one of the world’s largest digital asset reserves.

By comparison, Michael Saylor’s Strategy recently purchased just $51.4 million in Bitcoin at an average of $119,666 per coin. Still, Strategy remains the largest public Bitcoin holder.

Why Bitcoin for corporations

David Bailey, CEO of KindlyMD, called Bitcoin the “ultimate reserve asset” for corporations and institutions. He believes Bitcoin will anchor the next phase of global finance and serve as a hedge against inflation.

Despite this bold move, KindlyMD’s stock price has dropped more than 12% since the merger announcement on May 12. However, corporate Bitcoin adoption continues to accelerate. Japanese investment firm Metaplanet plans to raise $3.7 billion to buy 210,000 BTC by 2027.

Market outlook

According to Bitwise, the combination of corporate adoption and potential inclusion of Bitcoin in U.S. 401(k) retirement plans could push its price to $200,000 by the end of 2025.

Analysts suggest this development may even outweigh the approval of U.S. Bitcoin ETFs, unlocking more than $120 billion in fresh capital with just a modest 1% portfolio allocation.