KindlyMD deploys merger war chest, acquires $679m in Bitcoin

The capital raised from its landmark merger with Nakamoto is now on the blockchain. KindlyMD has executed its inaugural Bitcoin purchase, converting $679 million of its PIPE proceeds into the original crypto and signaling its intent to rival other corporate treasuries that now measure reserves in BTC.

On August 19, KindlyMD, Inc. announced its wholly owned subsidiary, Nakamoto Holdings, had acquired 5,743.91 Bitcoin (BTC) for approximately $679 million. The purchase, executed at a weighted average price of $118,204.88 per BTC, is the company’s first since it formally completed its strategic merger with the Bitcoin-native holding company just days prior.

This initial deployment of capital from the merger’s $540 million PIPE financing immediately boosts KindlyMD’s total holdings to 5,764.91 BTC, positioning it as the 16^th largest corporate holder of the benchmark digital asset, according to BitcoinTreasuries.Net data.

A new ambitious player in the corporate Bitcoin race

The scale of KindlyMD’s first Bitcoin purchase is merely a down payment on an almost unprecedented corporate ambition. According to its official statement, the company’s long term mission is to acquire one million Bitcoin under the Nakamoto Bitcoin Treasury initiative. 

This staggering target, valued at over $115 billion at current prices, is predicated on a belief that Bitcoin will fundamentally anchor the next era of global finance. The company’s leadership has made it clear that this is not a speculative trade, but a strategic overhaul of its treasury management.

“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike,” David Bailey, Chief Executive Officer and Chairman of the Company, said. “Our long-term mission of accumulating one million Bitcoin reflects our belief that Bitcoin will anchor the next era of global finance, and we are committed to building the most trusted and transparent vehicle to achieve that future.”

The competition

KindlyMD’s aggressive pivot to Bitcoin comes amid a growing wave of corporate treasuries anchored in the world’s largest crypto asset by market cap. The scale of its ambition is what truly sets it apart.

If achieved, its one million BTC goal would dwarf nearly every other corporate holder. It would place the company in the same stratosphere as Michael Saylor’s Strategy, which held 629,376 BTC as of press time.

Other notable holders, such as Bitcoin Standard Treasury Company, Metaplanet Inc., and Trump Media and Technology Group Corp., with 30,021 BTC, 18,888 BTC, and 150,000 BTC respectively, would be left in its wake. Even the much discussed venture Twenty One, backed by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank with its 43,500 BTC, pales in comparison to KindlyMD’s ultimate objective.