A Utah-based health-tech firm, KindlyMD, has officially merged with Nakamoto, a public Bitcoin-oriented entity, to launch a public Bitcoin treasury strategy.
Announced on May 9, this merger represents one of the first known cases of a healthcare company adopting Bitcoin as an investment asset and an integral element of its corporate financial strategy.
The combined entity will continue under the KindlyMD name and trade on the OTC Markets under the ticker symbol “BITC.”
Under the leadership of newly appointed CEO John “Jack” Abel, KindlyMD is positioning itself as a “public Bitcoin operating company.” The company will be a hybrid corporate structure that blends operational business revenue with a Bitcoin reserve at its financial core.
The merger indicates a transformative shift in how a real-world business outside the crypto sector can directly align itself with Bitcoin as a hedge against fiat inflation, economic uncertainty, and centralized financial control.
“This isn’t a side investment; it’s a foundational principle,” Abel said.
“We believe Bitcoin’s transparency, scarcity, and independence make it the most resilient financial asset for the modern era, especially as companies seek stability in an increasingly volatile macroeconomic landscape.”
Merging Healthcare Technology with Bitcoin Resilience
KindlyMD, known for its digital health platform that supports alternative pain management, behavioral health treatment, and medical cannabis care, has long focused on using technology to empower patients and enhance outcomes.
The company’s software tools collect real-time data, track patient-reported outcomes, and enable seamless collaboration between healthcare providers. These services remain central to KindlyMD’s operations.
However, following the merger with Nakamoto, the company has taken a step into digital assets. The firm has already begun converting a portion of its treasury reserves into Bitcoin, establishing the first phase of what it describes as a long-term capital preservation and growth strategy.
The company intends to convert part of its operational profits into BTC, making Bitcoin a passive holding and a dynamic component of its financial infrastructure.
The company further outlined a strict Bitcoin treasury policy. This includes storing assets in cold wallets, avoiding leveraged trading, and maintaining on-chain transparency by publicly publishing its wallet addresses.
The boards of Nakamoto Holdings and KindlyMD have unanimously approved the merger, which also awaits approval from KindlyMD’s shareholders.
The deal includes $510 million in gross proceeds from a PIPE (private investment in public equity) priced at $1.12 per share, comprising common stock and pre-funded warrants in KindlyMD, along with $200 million raised through senior secured convertible notes due in 2028.
The financing is set to close alongside the merger. Once finalized, the combined entity will assume all of Nakamoto Holdings’ obligations and partnerships, including marketing services from BTC Inc., the publisher of Bitcoin Magazine and host of the annual Bitcoin Conference.
KindlyMD-Nakamoto Merger Signals Growing Trend in Bitcoin Treasury Adoption
The merger aligns with the increasing interest in Bitcoin treasury strategies, as seen in companies like Japan’s Metaplanet and U.S.-based Semler Scientific. These firms view Bitcoin as not a short-term investment but a resilient, long-term hedge against financial uncertainty.
A recent projection by Bernstein suggests that by 2029, corporations could allocate as much as $330 billion to Bitcoin, with many following MicroStrategy’s lead, which popularized the concept of Bitcoin as a treasury asset.
Small-cap and low-growth companies are turning to Bitcoin as an alternative growth path. Projections indicate these firms will contribute $205 billion of the projected influx over the next five years.
While the Bitcoin treasury model is not one-size-fits-all, it has proven to be an attractive option for companies with significant cash reserves and a desire for long-term value preservation. MicroStrategy’s continued success with this strategy, demonstrated by its growing Bitcoin holdings, now worth $52.5 billion, further validates the approach.
Institutional interest is also rising, as public companies collectively hold over 723,000 BTC, signaling a shift towards Bitcoin as a recognized store of value.
However, while private sector adoption accelerates, state-level adoption of Bitcoin remains hesitant. Florida’s recent decision to withdraw legislation that would have allowed state funds to be allocated to Bitcoin reflects ongoing concerns over volatility and fiscal responsibility.
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