tl;dr
Nakamoto Holdings, co-founded by Bitcoin Magazine CEO David Bailey, has partnered with healthcare firm KindlyMD to create a new Bitcoin treasury. They raised $710 million through private investments and convertible notes, marking the largest public crypto transaction with over 200 investors. Bailey,...
Nakamoto Holdings and KindlyMD have teamed up to establish a new Bitcoin treasury, raising $710 million in what stands as the largest public crypto transaction to date. This financial milestone was achieved through $510 million in private investments and $200 million in convertible notes, attracting over 200 investors, including notable firms like Actai Ventures, Arrington Capital, and BSQ Capital Partners.
David Bailey, CEO of Bitcoin Magazine and former advisor to President Trump on 2024 crypto policy, will lead the new treasury as CEO. The partnership aims to launch the first global network of Bitcoin treasury companies, driving accelerated Bitcoin adoption and enhancing its utility worldwide. Bailey emphasized the transformative potential of Bitcoin securitization, projecting a future where all balance sheets—from public corporations to private enterprises—include Bitcoin holdings.
KindlyMD, traditionally known for its healthcare services focused on combating the opioid crisis, is entering the crypto space for the first time through this merger. Despite this new venture, KindlyMD remains committed to its core mission of addressing the opioid epidemic with innovative, holistic health solutions.
Bitcoin treasury companies, such as Nasdaq-listed Strategy and the recently announced Twenty One, purchase and hold significant Bitcoin reserves on their balance sheets. Strategy, formerly MicroStrategy, shifted from software development to become a pioneer in this sector, offering investors Bitcoin exposure without direct cryptocurrency purchases. Meanwhile, Twenty One plans to launch with a treasury exceeding 42,000 BTC, valued at approximately $3.9 billion.
Following the announcement, KindlyMD's stock experienced a dramatic surge, trading over 300% higher. This rapid increase underscores investor enthusiasm for companies integrating Bitcoin treasury models and signals a growing trend of traditional firms embracing cryptocurrency strategies.