# David Bailey's Nakamoto Holdings Buys $679M in Bitcoin

*Author: Bankless*
*Published: Aug 19, 2025*
*Source: https://www.bankless.com/read/david-baileys-nakamoto-buys-679m-in-bitcoin*

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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 interesting1. 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](https://twitter.com/Anchorage?ref_src=twsrc%5Etfw) nailed…— David Bailey🇵🇷 $1.0mm/btc is the floor (@DavidFBailey) [August 19, 2025](https://twitter.com/DavidFBailey/status/1957850660977696960?ref_src=twsrc%5Etfw)