KindlyMD Snaps Up 5,744 BTC—Is the Nakamoto Bitcoin Treasury Becoming Crypto’s New Whale?

KindlyMD has made a dramatic entrance into the Bitcoin treasury race, announcing the purchase of 5,743.91 BTC through its wholly owned subsidiary, Nakamoto Holdings Inc.

The acquisition, valued at roughly $679 million at a weighted average price of $118,204.88 per coin, marks the company’s first Bitcoin buy since completing its merger with Nakamoto earlier this month and brings total holdings to 5,764.91 BTC.

The deal, funded by private investment in public equity (PIPE) proceeds, underscores KindlyMD’s commitment to what it calls a “disciplined Bitcoin treasury strategy.”

According to the company, its long-term mission is nothing less than the accumulation of one million Bitcoin under the Nakamoto Bitcoin Treasury.

Update: KindlyMD adds 5,744 BTC to the Nakamoto Bitcoin Treasury. pic.twitter.com/D92nZxGZnq

“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike,” said David Bailey, Chairman and CEO of the company.

He added that “Our mission to acquire one million Bitcoin reflects our belief that Bitcoin will anchor the next era of global finance.”

With this purchase, KindlyMD has joined the top 20 public firms by total Bitcoin holdings, surpassing companies like Semler Scientific, according to BitBo’s Bitcoin Treasuries dashboard.

The move also cements its transformation from a niche healthcare provider into what it now calls a “public Bitcoin operating company.” Under this model, revenue from its healthcare services is paired with a growing Bitcoin reserve at its financial core.

That transition began in May, when KindlyMD announced its merger with Nakamoto Holdings. The merger, finalized on August 14, marked one of the earliest known cases of a healthcare business adopting Bitcoin as both an investment and treasury asset.

@KindlyMD merges with Bitcoin-native Nakamoto to launch the first-ever Bitcoin-backed healthcare company. #Bitcoin #treasury #Metaplanethttps://t.co/Gw5h56BP70

To drive the strategy, KindlyMD brought in Amanda Fabiano, formerly of Galaxy Digital and Fidelity, as COO of Nakamoto, adding more than a decade of Bitcoin infrastructure expertise.

The aggressive treasury push comes amid a mixed financial backdrop. In the second quarter ending June 30, 2025, KindlyMD reported insurance reimbursements of $231,726, up 153% year-on-year, but total revenues declined 36% to $408,527, largely due to lower patient service pricing and the closure of a clinic in Bountiful, Utah.

KindlyMD reported its second quarter financial results ahead of the merger with Nakamoto. One step closer!

The company posted a net loss of $2.41 million, wider than last year’s $1.32 million loss, while investing activities saw $2.52 million in outflows, mostly from digital asset purchases.

However, financing activities provided a significant boost, with $9.05 million in inflows, largely from warrant exercises, pushing net cash up 165% to $6.02 million.

Momentum accelerated in August when the firm closed a $200 million senior secured convertible note with Yorkville Advisors, alongside a $540 million PIPE financing tied to the merger.

UPDATE: KindlyMD Closes $200 Million Convertible Note Offering. The issuance of the Convertible Note expands our Bitcoin treasury strategy and adds to the $540M gross proceeds from the PIPE Financing.

Proceeds are earmarked for further Bitcoin purchases as well as working capital, deepening the company’s transition into a Bitcoin-first treasury vehicle.

The note, which carries no interest for two years and a 6% rate in year three, can be converted into KindlyMD stock at $2.80 per share, offering investors equity upside tied directly to the company’s performance.

KindlyMD also celebrated a milestone that same day, with its stock approved for trading on the Nasdaq Global Market under the ticker “NAKA,” upgrading from its prior Nasdaq Capital Market listing.

That same day, KindlyMD’s stock upgraded to the Nasdaq Global Market under the ticker “NAKA,” a milestone the company says reflects its ambition to be seen as an institutionally credible player in Bitcoin finance.

Corporations continue expanding their Bitcoin treasuries. Amsterdam-based crypto service provider Amdax has launched AMBTS B.V., a new treasury vehicle aiming to become one of Europe’s largest institutional holders.

@AmdaxNL is launching a Bitcoin treasury company, AMBTS, targeting a Euronext Amsterdam listing to accumulate 1% of all Bitcoin. #Bitcoin #Euronext https://t.co/9UMhHsAb39

The firm is preparing a listing on Euronext Amsterdam with a long-term target of accumulating 1% of Bitcoin’s total supply.

In the U.S., Parataxis Holdings confirmed a SPAC merger with SilverBox Corp IV to raise up to $640 million for a Bitcoin treasury listed on the NYSE under the ticker PRTX. The deal values the company at $400 million and includes an immediate $31 million allocation to purchase BTC.

Meanwhile, Strategy disclosed another buy between Aug. 11 and 17, 2025, adding 430 BTC for $51.4 million at an average price of $119,666. The company now holds 629,376 BTC, remaining the largest public holder.

Globally, more than 289 companies collectively control over 3.67 million BTC (around $418 billion), according to BitcoinTreasuries.net.

Other major holders include Marathon Holdings (50,000 BTC), Germany’s Bitcoin Standard Treasury Company (30,000 BTC), and Japan’s Metaplanet (19,000 BTC).

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