The anatomy of a Bitcoin pivot: How KindlyMD raised $51.5M in 72 hours
Nasdaq-listed KindlyMD secured capital to accelerate its pivot to a Bitcoin-focused public company.
In June 2025, KindlyMD Inc. (Nasdaq: KDLY) raised $51.5 million through a PIPE (Private Investment in Public Equity) transaction, and did it in just 72 hours. The round was tied to the company’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 (BTC) 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.
As stated in the official press release, David Bailey called the demand for the raise “extraordinary,” noting: “We’ve been blown away by the interest, closing $51.5 million in under 72 hours shows that institutional investors are ready to bet big on a Bitcoin-native strategy.”
Nakamoto Holdings and David Bailey spoke with the crypto community and on X Spaces to announce the merger and capital raise.
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.
From healthcare to Bitcoin: Understanding KindlyMD’s corporate transition
The public healthcare company is undergoing a reverse merger to become a full-fledged Bitcoin treasury vehicle.
KindlyMD is originally a healthcare company focused on alternative treatment models. Based in Utah, it was among the first companies to integrate data-driven care models with legally approved psychedelic treatments. With 1,600 to 1,900 patients per month across its four clinics, the company operated Utah’s largest medical cannabis clinic network. It integrated traditional prescriptions, behavioral therapies and medical cannabis into its “Complete Care” model to track outcomes and tackle the opioid crisis.
But after securing shareholder approval, it is now preparing to merge with Nakamoto Holdings, which was formed specifically to accelerate Bitcoin adoption via capital markets.
Once the merger closes (expected by Q3 2025), KindlyMD will:
- Change its name to Nakamoto Holdings Inc.
- Begin trading under a new ticker symbol (NAKA)
- Reorient entirely around a Bitcoin-native corporate strategy
Until that merger is complete, KindlyMD retains its healthcare identity, but its capital structure and market narrative have already begun the pivot.
Did you know? Before its pivot to Bitcoin, KindlyMD was a pioneer in alternative medicine, serving patients through a network of clinics focused on medical cannabis and psychedelic-assisted therapy.
Bitcoin and PIPEs, a new path for institutional capital?
PIPEs let public companies raise capital quickly, and some are using them to buy BTC directly.
The PIPE route is becoming a go-to vehicle for fast, flexible capital raises, especially for companies undergoing transformative pivots.
- A PIPE lets a public company raise funds directly from institutional investors, typically at a negotiated share price. It’s faster and more flexible than an IPO and is increasingly being used to support crypto-aligned strategies.
- KindlyMD’s $51.5M PIPE round was a textbook example: fast, oversubscribed, and aligned with a future Bitcoin treasury play. Investors were offered equity upside and indirect exposure to BTC, even before the merger closed.
- As regulatory pathways remain complex for crypto ETFs and tokens, PIPE-financed public companies may become the next best route for institutional capital to flow into Bitcoin.
Did you know? Nasdaq-listed firms like Strive Asset Management and SharpLink Gaming have recently raised hundreds of millions of dollars through PIPE deals, not for R&D or expansion, but to buy Bitcoin and Ether (ETH) for their corporate treasuries.
How Nakamoto Holdings blends asset accumulation with BTC-aligned business models
Nakamoto Holdings wants to replicate the “Bitcoin per share” model while actively building BTC-aligned businesses.
Bailey’s vision with Nakamoto Holdings draws from Strategy’s high-profile treasury strategy but adds execution velocity and operational ambition. The goal is not only to acquire BTC but also to grow Bitcoin holdings on a per-share basis, giving equity holders direct exposure to increasing reserves.
Post-merger, the company could take many paths, including, but not limited to:
- Allocate the majority of the capital to Bitcoin purchases
- Build or acquire Bitcoin-native businesses in media, fintech and finance
- Follow institutional-grade custody and reporting standards to maintain investor confidence
It’s a hybrid model, part treasury vehicle, part Bitcoin-native growth company, with speed as a key differentiator.
Bitcoin as strategy, not just reserve
The shift isn’t just about holding BTC, it’s about rebuilding the company around it.
What makes this method significant is the foundational shift it represents. KindlyMD isn’t simply allocating part of its treasury to Bitcoin. It is rebuilding its entire identity, its name, its market strategy and its operational focus to center around BTC.
According to the Nasdaq’s announcement, the mission of Nakamoto Holdings is to become “the first publicly traded Bitcoin-native holding company,” and to “institutionalize Bitcoin capitalism.” The company is explicitly targeting investors who want exposure to both Bitcoin and Bitcoin-aligned growth assets.
This signals a deeper evolution of the corporate Bitcoin narrative: from hedge to anchor, from diversification to definition.
What to expect post-merger
If the merger closes as planned, the new entity will begin deploying capital into Bitcoin and more.
With the merger expected to finalize in Q3 2025, the coming months could bring:
- A ticker change from KDLY to NAKA
- Full rebranding under the Nakamoto Holdings Inc. identity
- Bitcoin accumulation from the PIPE proceeds
- Strategic announcements on Bitcoin-native acquisitions and business launches
Institutional custodians will likely be used for treasury operations, and the company plans to maintain transparent disclosures of its BTC reserves, similar to Strategy’s public BTC reporting model.
If successful, this could set a precedent for how non-crypto companies enter the Bitcoin economy at scale through capital markets.
