KindlyMD Skyrockets on Merger With Nakamoto to Make Bitcoin Treasury

Dow Jones
05/12
 

By Kelly Cloonan

 

Shares of KindlyMD soared after the company said it plans to merge with Nakamoto to establish a bitcoin treasury.

The stock more than tripled to $14.44 on Monday after hitting a 52-week high of $31.45 earlier in the session. Shares have increased by over 11-fold year to date.

The healthcare-service provider said Monday it has entered into a merger agreement with Nakamoto Holdings, a new bitcoin holding company founded by David Bailey, a crypto advisor to President Trump.

In partnership with BTC, Nakamoto aims to build a network of bitcoin-treasury companies across the media, advisory and financial-services industries to accelerate bitcoin adoption, KindlyMD said.

The combined company will aim to accumulate bitcoin and grow the bitcoin owned on a per-share basis, through equity, debt and other offerings.

Upon the deal's close, the combined company will be led by founder and Chief Executive David Bailey. Tim Pickett, CEO and founder of KindlyMD, will continue to manage the company's healthcare operations.

The transaction includes $510 million in gross proceeds from a private placement in public equity priced at $1.12 per share and consisting of common stock and pre-funded warrants in KindlyMD, as well as $200 million in gross proceeds from the sale of senior secured convertible notes of KindlyMD that mature in 2028.

Shares of KindlyMD will continue to trade on the Nasdaq under the symbol KDLY. The combined company expects to be renamed and trade under a new ticker symbol.

 

Write to Kelly Cloonan at kelly.cloonan@wsj.com

 

(END) Dow Jones Newswires

May 12, 2025 11:42 ET (15:42 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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