KindlyMD Shareholders Approve Merger with Nakamoto Holdings

According to Cointelegraph, shareholders of KindlyMD, Inc., a healthcare services provider, have approved a merger with Nakamoto Holdings, a Bitcoin holding company founded by U.S. President Donald Trump’s crypto adviser, David Bailey. The merger aims to create a network of Bitcoin-related entities. Both companies will file information statements with the Securities and Exchange Commission, as stated by KindlyMD on May 20. The merger is anticipated to occur 20 days after the information statement is shared with KindlyMD’s shareholders, with the transaction expected to conclude in the third quarter of 2025. Following the announcement, KindlyMD's shares (KDLY) saw a significant increase, closing the May 20 trading session up 9% at $15.22 and gaining an additional 4.8% after the bell. This surge reflects the market's positive response to the merger news. KDLY has experienced a remarkable rise of over 979% this year. The merger was initially announced on May 12, with plans for the merged entity to utilize equity, debt, and other offerings to develop Bitcoin-native companies and strengthen its treasury by accumulating Bitcoin (BTC). The trend of companies increasing their Bitcoin holdings continues, with public companies surpassing retail investors and exchange-traded funds in this regard, as noted by Bitcoin investment firm River. Vivek Ramaswamy’s Strive announced on May 20 its intention to purchase Bitcoin claims linked to the defunct crypto exchange Mt. Gox, aiming to acquire 75,000 BTC at a discounted rate. Additionally, Strategy, formerly known as MicroStrategy, reported on May 19 that it purchased 7,390 BTC for $765 million last week. However, the company faces a class-action lawsuit alleging misrepresentation of its Bitcoin investments. In related developments, stablecoin issuer Tether recently acquired nearly $459 million worth of Bitcoin for Twenty One Capital, a Bitcoin investment firm it supports. This firm is awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners. The ongoing interest and investment in Bitcoin by major companies highlight the growing significance of cryptocurrency in the financial landscape.