Simply put
- KindlyMD announced a merger with Nakamoto Holdings in May, forming the Bitcoin Ministry of Finance.
- The company has successfully completed a $200 million convertible note offering.
- KindlyMD is among several companies adopting Bitcoin purchases to enhance investor returns.
Bitcoin Treasury KindlyMD has completed its $200 million convertible note offering aimed at acquiring more BTC, as stated by the company on Monday.
This issuance is part of a broader strategy to increase its BTC holdings, supplementing the $540 million already raised through private equity placements. Recently merged with Nakamoto Holdings, the combined entity retains the KindlyMD name.
In a statement, the company expressed that it plans to use the net proceeds from the convertible notes for Bitcoin purchases as well as for working capital and general corporate expenses.
Update: KindlyMD closes its $200 million convertible note offering. The issuance of the Convertible Notes expands the Bitcoin Treasury strategy, adding to its $540 million total revenue from pipe finance.
– Nakamoto (@nakamoto) August 15th, 2025
Back in May, Nakamoto Holdings made headlines with a merger that shifted its focus from healthcare data. Co-founded by Bitcoin CEO David Bailey, Nakamoto aims to become a significant Bitcoin purchaser. Interestingly, Bailey had previously advised President Trump on cryptocurrency policy during the 2024 campaign.
Ya II PN, Ltd, an investment fund run by Yorkville Advisors, oversees the funding.
Shares of KindlyMD, which trades on Nasdaq under the ticker Naka, experienced a drop of about 12% on Monday. This move suggested that investors could gain exposure to cryptocurrencies through stock purchases.
As of now, 168 public companies are considered part of Bitcoin’s Treasury, a concept popularized by Michael Saylor’s software firm, which began its Bitcoin acquisitions in 2020.
After moving away from software development, the strategy of buying Bitcoin commenced in August 2020 to deliver better returns for shareholders.
Currently, it stands as the largest corporate holder of Bitcoin, owning 629,376 BTC valued at more than $73 billion, primarily focusing on securitizing the cryptocurrency.
Bitcoin is trading at approximately $116,605 per coin, having recently dipped by 1%. It seems to have surpassed last week’s all-time high of $124,128, according to Crypto Data Provider Coingecko.
The strategy hinges on issuing debt to facilitate these purchases. Remarkably, since starting five years ago, Bitcoin stocks (NASDAQ:MSTR) have skyrocketed by over 2,700%.
Interestingly, some followers of this strategy are leveraging spare cash for Bitcoin purchases, while others are opting for debt issuance.
However, some analysts have raised concerns, cautioning about the inherent risks in the crypto space.
Other notable Treasury ventures include Twenty One, emerging from a coalition of crypto and traditional financial players such as Bitfinex, Cantor Fitzgerald, and SoftBank, which holds 43,500 digital coins but has yet to enter trading.
