KindlyMD (KDLY), a company listed on Nasdaq, raised $51.5 million from investors in just 72 hours through a PIPE (Private Investment in Public Equity) transaction. The firm plans to use funds to buy Bitcoin as it changes focus to become a Bitcoin-based business.
The quick round ties into KindlyMD’s planned merger with Nakamoto Holdings, a Bitcoin‑native holding firm led by David Bailey, who also heads BTC Inc., publisher of Bitcoin Magazine.
According to the company’s press release, Bailey described the investor response as “extraordinary” and said “closing $51.5 million in under 72 hours shows that institutional investors are ready to bet big on a Bitcoin‑native strategy”.
The PIPE was priced at $5 per share. Demand was so strong the company could have raised more, but capped the funding at $51.5 million to align with near‑term treasury plans.
Once the merger with Nakamoto is complete, the combined group will rebrand as Nakamoto Holdings Inc. The firm plans to pivot away from being a healthcare company to fully embracing Bitcoin treasury operations.
KindlyMD originally built its business around patient‑first healthcare, blending traditional medicine with alternative therapies, including medical cannabis and data‑based care models. It operates several clinics in Utah and has built pioneering services in opioid reduction and mental health integration.
As per merger terms, Anchorage Digital will provide institutional‑grade custody and trading services for Bitcoin once the merger closes. Anchorage is the only federally chartered digital asset bank in the U.S and will support the company’s Bitcoin treasury operations.
With this rapid capital raise and the approved merger, KindlyMD is on a fast track to become one of the first traditional public companies to reorient fully as a Bitcoin treasury vehicle. This change shows a new way companies can start using digital money like Bitcoin through the stock market.
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