Nakamoto Holdings, a Bitcoin-focused company founded by crypto entrepreneur and Trump adviser David Bailey, has raised $51.5 million in just 72 hours in a bid to expand its Bitcoin holdings and establish itself as a major player in the digital asset space.
The rapid capital raise was completed through a private investment in public equity (PIPE) deal, where shares in merger partner KindlyMD were sold at $5 each. This new funding brings Nakamoto’s total haul to approximately $763 million, combining equity investments and convertible notes, according to a press release from KindlyMD and filings reviewed by Decrypt and CoinDesk.
“Investor demand for Nakamoto is incredibly strong,” Bailey said in a statement. “We continue to execute our strategy to raise as much capital as possible to acquire as much Bitcoin as possible.”
Bold Strategy Mirrors MicroStrategy’s Model
Launched in early 2025, Nakamoto Holdings aims to follow in the footsteps of MicroStrategy by using its balance sheet to accumulate large quantities of Bitcoin. The company is preparing to merge with Nasdaq-listed KindlyMD, a Utah-based healthcare technology firm, in a transaction set to close by Fall 2025.
Following the merger, the combined entity will trade under the name Nakamoto, and plans to build a public conglomerate of Bitcoin-native companies spanning media, finance, and blockchain advisory services.
The company also announced a partnership with Anchorage Digital, a federally chartered crypto custodian, which will be responsible for securely managing its Bitcoin assets.
Initial Bitcoin Purchase and Ticker Change
In a notable first move, KindlyMD—prior to completing the full PIPE raise—converted $2.3 million into Bitcoin, acquiring 21 BTC at an average price of approximately $109,000. This aligns with the new firm’s strategy to aggressively accumulate Bitcoin using a mix of stock and debt offerings.
KindlyMD shareholders approved the merger last month, and the company’s Nasdaq ticker has already been changed from KDLY to NAKA in anticipation of the formal consolidation.
A Growing Trend in Corporate Bitcoin Treasuries
The aggressive Bitcoin accumulation strategy comes at a time when institutional interest in cryptocurrency is increasing. According to BitcoinTreasuries.net, 27 new companies added Bitcoin to their balance sheets in the past month alone, bringing the total number of publicly known Bitcoin-holding firms to more than 130.
Notably, MicroStrategy—helmed by Michael Saylor—remains the leader with over 592,000 BTC on its books, currently valued at over $62 billion.
Analysts Caution on Market Risks
While Nakamoto Holdings’ strategy has captured investor enthusiasm, it also raises concerns among financial analysts due to Bitcoin’s high volatility.
Standard Chartered recently warned that if Bitcoin’s price were to fall below $90,000, smaller firms leveraging capital to acquire Bitcoin could face forced liquidations, adding downward pressure to the market. As of this report, Bitcoin is trading around $103,500.
“Smaller firms may lack the protective infrastructure to weather large price swings,” said Fakhul Miah, a strategist at GoMining Institutional. “Without strong custody and liquidity planning, they could be vulnerable.”
What Comes Next
With the recent $51.5 million raise completed, Nakamoto Holdings is expected to expand its Bitcoin acquisitions in the coming weeks. The company says the majority of new funds will go directly toward purchasing Bitcoin, with a portion reserved for operational development.
Industry watchers will also keep an eye on the Q3 2025 merger finalization and how the firm executes on its promise to build a vertically integrated, Bitcoin-native public conglomerate.
Final Thoughts
Nakamoto Holdings’ rapid fundraising and commitment to Bitcoin accumulation reflect a growing corporate shift toward crypto assets as long-term strategic reserves. However, the high-stakes nature of the plan—and its dependency on Bitcoin’s market stability—makes the venture one of the more closely watched developments in the evolving crypto-financial ecosystem.
