When KindlyMD first launched, it was one of those niche healthcare plays — a pioneer in alternative medicine, running clinics that blended medical cannabis with data-driven mental health care in Utah. Fast-forward to summer 2025, and the story just got a lot wilder. KindlyMD just raised $51.5 million in 72 hours — not for healthcare, not for expansion, but for buying Bitcoin.
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Yes, you read that right.
The company is mid-pivot, about to merge with Nakamoto Holdings, a Bitcoin-native firm created by David Bailey, who also runs BTC Inc. (the team behind Bitcoin Magazine). And once that merger closes, KindlyMD will officially ditch its healthcare identity and rebrand as Nakamoto Holdings Inc., complete with a new Nasdaq ticker: NAKA.
So, What Exactly Just Happened?
In June 2025, KindlyMD raised $51.5 million through a PIPE deal. That stands for Private Investment in Public Equity, a kind of direct capital raise that skips the red tape and goes straight to big institutional players.
The PIPE was priced at $5 per share and was reportedly oversubscribed within 72 hours. That means investor demand was so hot, KindlyMD could have raised even more but chose to cap it at $51.5 million to align with near-term treasury plans — and by “treasury,” we mean buying Bitcoin.
This wasn’t a “we’ll keep some BTC on the balance sheet just in case” move. This was a full-on transformation. The funds will be used to accumulate Bitcoin as part of a broader corporate overhaul into a fully Bitcoin-native holding company.
A Healthcare Company Turns Bitcoin Treasury Play
KindlyMD built its name in the alternative care space, running the largest medical cannabis clinic network in Utah. It treated thousands of patients monthly, focused on holistic care, and even integrated psychedelic-assisted therapy under state-regulated models.
But in a vote approved by shareholders, the company decided to change lanes entirely — ditching the clinical model to become a vehicle for Bitcoin accumulation and blockchain-native ventures.
Once the merger is finalized (expected sometime in Q3 2025), KindlyMD becomes Nakamoto Holdings, and its new mission is crystal clear: buy BTC, hold BTC, build BTC-native businesses.
Bitcoin as Identity, Not Just a Balance Sheet Line Item
The thing that makes this move so different from the occasional “we’re adding BTC to our reserves” headline is this: KindlyMD isn’t just tacking Bitcoin onto its strategy. It’s rebuilding its identity around it.
As the team put it in the official press release, Nakamoto Holdings wants to become the first publicly traded Bitcoin-native holding company, not just a treasury with a digital twist; but an institutional vehicle for Bitcoin capitalism. Think Strategy with teeth. Not just buying Bitcoin, but using its capital to create a pipeline of Bitcoin-aligned businesses in media, fintech, custody, and infrastructure.
It’s Strategy meets venture studio, with a publicly listed ticker and a faster rollout plan.
Why PIPEs Are Becoming Bitcoin’s Best Friend
PIPEs are nothing new in finance, but they’re suddenly showing up all over the crypto world. Why? Because they’re fast, they’re flexible, and they don’t require a roadshow or months of SEC waiting games. PIPE deals give public companies the ability to raise big capital from institutional investors with fewer hoops.
That makes them perfect for firms pivoting into the Bitcoin space — especially those without crypto-native roots. Recently, companies like Strive Asset Management and SharpLink Gaming (SBET) also tapped PIPEs to raise cash for crypto allocations.
KindlyMD’s $51.5 million raise is a textbook example of how traditional firms can enter the Bitcoin economy at scale, with speed and credibility.
What Comes Next for Nakamoto Holdings?
Once the merger is locked in, investors can expect a rapid rollout. Here’s what’s likely coming:
- A new ticker (NAKA) will replace KDLY on the Nasdaq.
- The company will officially rebrand to Nakamoto Holdings Inc.
- The PIPE capital will be used to purchase Bitcoin for the corporate treasury.
- Additional plans will roll out for building or acquiring Bitcoin-native businesses.
- Expect audited Bitcoin reserve disclosures, modeled after what Strategy has done.
And just like that, a small Utah-based healthcare company becomes one of the most interesting Bitcoin plays on the public market.
Investors interested in healthcare stocks can compare them side by side using TipRanks’ Stock Comparison tool. Click the image below to explore further.
