David Bailey's Nakamoto Holdings Buys $679M in Bitcoin
The healthcare-turned-treasury company kicked off its digital asset accumulation with the purchase of 5,744 BTC.
KindlyMD completed its merger with Nakamoto Holdings and wasted no time putting capital to work, scooping up 5,744 BTC for $679M at an average price of $118,204. The new entity, trading under ticker NAKA, now sits among the top 20 corporate bitcoin treasuries.
What’s the Scoop?
- First Buy: KindlyMD disclosed holdings of 5,764.91 BTC, just days after closing its merger and raising $740M through a PIPE deal and convertible note offering.
- Corporate Treasury Trend: The company joins a wave of firms converting their balance sheets into bitcoin accumulation vehicles, a model popularized by Michael Saylor’s Strategy.
- Ranking: With nearly $680M in BTC, NAKA now outranks treasury holders including Semler Scientific, GameStop, and Cango Inc.
- Long-Term Target: CEO David Bailey says the company ultimately aims to acquire 1M BTC, about 5% of bitcoin’s total supply cap.
Bankless Take:
David Bailey is a staunch proponent of the 
Bitcoin ecosystem, leaving us with little surprise that he immediately smashed buy with NAKA fundraise proceeds. Despite gaining 8% in early trading, NAKA shares are down 13% on the day.
Think people will find this interesting
— David Bailey🇵🇷 $1.0mm/btc is the floor (@DavidFBailey) August 19, 2025
1. We’ve documented the entire merger process (including buying the btc) on film.
2. When we were in the market we were buying roughly $1m per minute. Bitcoin ate it like a buzz saw. This market is insanely liquid.
3. @Anchorage nailed…
Bankless
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