David Bailey’s Nakamoto and KindlyMD raise bitcoin treasury target to $763 million with new PIPE funding

Bitcoin holding company Nakamoto and Utah-based telehealth provider KindlyMD said Friday that they have secured an additional $51.5 million in private placement commitments, bringing the total cash earmarked for their planned bitcoin treasury to $763 million.The firms originally outlined a $710 million raise in May — $510 million through a private investment in public equity (PIPE) and $200 million via convertible notes. All funds are intended to be converted into bitcoin following shareholder approval of Nakamoto’s planned merger with KindlyMD.Nakamoto founder David Bailey said the latest round of capital was raised within 72 hours. The PIPE financing included $5-per-share offerings and KindlyMD common stock, he noted."We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible," Bailey, who also runs Bitcoin Magazine, said in a statement.The move echoes the debt-and-equity capital-raising strategy popularized by Strategy and adopted by firms including Metaplanet and Semler Scientific. Some 228 firms now hold bitcoin treasuries, a group that recently grew to include GameStop, Tether-backed Twenty One, and Trump Media.Friday’s raise brings Nakamoto’s escrowed cash to the equivalent of about 7,316 BTC, based on current prices of roughly $104,300, according to The Block’s price page. Analysts say increasing corporate accumulation points to structural demand that could help support long-term prices, even as macroeconomic headwinds weigh on short-term sentiment.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.