Kindly MD, Inc. (NASDAQ: NAKA), a patient-first healthcare and healthcare data company, announced an additional $51.5 million in private placement in public equity (PIPE financing) to support its efforts to establish a Bitcoin treasury. This financing comes ahead of its anticipated merger with Nakamoto Holdings Inc. (Nakamoto), a Bitcoin-native holding company.
To date, KindlyMD has raised a total of approximately $563 million in PIPE financing, with the aggregate financing, including convertible notes, reaching $763 million. David Bailey, Founder and CEO of Nakamoto, stated that the additional financing was secured in under 72 hours, providing working capital in addition to enabling Bitcoin acquisition. He reiterated the company’s strategy to raise substantial capital for Bitcoin acquisition.
The transaction involves $51.5 million in gross proceeds from a fully committed PIPE financing, priced at $5.00 per share, consisting of common stock in KindlyMD. The net proceeds are designated for purchasing Bitcoin, general corporate purposes, and working capital. The PIPE financing is expected to close concurrently with the merger.
Cohen & Company Capital Markets (CCM), a division of J.V.B. Financial Group, LLC, served as lead financial advisor to Nakamoto and placement agent for the PIPE Financing. Reed Smith LLP provided legal counsel to Nakamoto, while Brunson Chandler & Jones, PLLC advised KindlyMD legally.
KindlyMD focuses on redefining value-based care and patient-centered medical services by leveraging data analysis to deliver personalized solutions. Its goals include reducing opioid use, improving health outcomes, and guiding the use of alternative medicine. The company provides a patient-focused healthcare experience integrating traditional medical evaluation with mental health integration and compliant alternative medicine education. KindlyMD’s outpatient clinical services are reimbursed by Medicare, Medicaid, and commercial insurance, also offered on a fee-for-service basis.
Nakamoto positions itself as a Bitcoin treasury company aiming to build a global portfolio of Bitcoin-native entities. The company plans to establish what it describes as the first publicly traded conglomerate of Bitcoin companies by accumulating Bitcoin in its treasury and utilizing it to acquire and develop an ecosystem of Bitcoin companies across various sectors, including finance, media, and advisory services. Its objective is to provide commercial and financial infrastructure for future capital markets.
