David Bailey, the co-founder and CEO of BTC Inc., has announced a new Bitcoin treasury company. The new entity is the result of the reverse merger between Nakamoto Holdings, Inc. and NASDAQ-listed KindlyMD (KDLY).
David Bailey, the co-founder and CEO of BTC Inc., will launch a new Bitcoin treasury company. The entity will be formed through the reverse merger of NASDAQ-listed KindlyMD (KDLY) and Nakamoto Holdings Inc. Bailey announced the new BTC buyer entity through his X account.
Nakamoto lives. The ticker is $KDLY. https://t.co/XV0enTnz7T
— David Bailey🇵🇷 $1.0mm/btc is the floor (@DavidFBailey) May 12, 2025
The merged company will continue to trade under the KDLY ticker until a new one is announced. The board will consist of six directors appointed by Nakamoto Holdings, and one from the side of KindlyMD.
Following the merger news, KDLY rallied to $3.90, a peak for 2025.
The new merger was achieved after raising $510M in PIPE financing, where private entities acquire publicly traded shares. Another $200M was raised in the form of convertible notes. The ability to achieve significant financing rounds for BTC acquisitions reveals a renewed interest in seeing BTC as a viable reserve investment.
After this first merger, Nakamoto Holdings will aim to build a global network of BTC acquisition companies. The vision of Nakamoto Holdings is to build treasuries for multiple Bitcoin-native companies, including media, analysts, and financial services.
“Traditional finance and Bitcoin-native markets are converging. The securitization of Bitcoin will redraw the world’s economic map. We believe a future is coming where every balance sheet – public or private – holds Bitcoin. Nakamoto seeks to be the first publicly traded conglomerate designed to accelerate that,” said Bailey.
Bailey will serve as CEO of the newly merged company, spreading the message of a Bitcoin maximalist.
Bailey, a long-running Bitcoin maximalist and the figure behind the annual Bitcoin Conference, has joined a growing list of reverse mergers. Access to an already actively trading company with a track record can also boost the potential for financing to buy more BTC.
The announcement arrived just days after Strive Asset Management undertook a reverse merger, turning into a Bitcoin treasury company.
David Bailey attracts 200 global investors
The PIPE financing attracted some of the leading Bitcoin maximalists, including top crypto figures like Adam Back, Balaji Srinivasan, Danny Yang, Eric Semler (CEO of Semler Scientific), Jihan Wu, Ricardo Salinas, and Simon Gerovich, the CEO of Metaplanet. Van Eck is also among the funds that secured financing against KDLY shares.
Bailey’s drive is to create conditions for hyperbitcoinization, turning BTC into a universal asset and a key store of value for the world’s financial system.
The new company announcement arrived as BTC once again reclaimed the $105,000 level. Strategy purchased 13,390 BTC for approximately $1.34 billion at an average price of $99,856 per Bitcoin. This latest investment brings Strategy’s total Bitcoin holdings to 568,840 BTC. Metaplanet also added another 1,224 BTC to its portfolio.
In total, 101 public companies now hold BTC through various tools, including mining. 3.30M BTC are held in long-term treasuries, with more buying expected in the coming months. For now, the treasuries are not creating a supply crunch, but may be one of the factors for significant BTC scarcity on the spot market.
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