KindlyMD shareholders OK merger with Trump-linked Bitcoin firm

KindlyMD, Inc., a healthcare services provider, is merging with Nakamoto Holdings, a Bitcoin-focused company founded by President Trump’s crypto advisor, David Bailey. Shareholders of KindlyMD approved the merger on May 20th, sending KDLY shares up 9% to $15.22 during the trading session and an additional 4.8% after-hours. This represents a staggering 979% increase in KDLY share price year-to-date.

The merger, announced on May 12th, is expected to finalize in the third quarter of 2025, 20 days after both companies file information statements with the SEC. The combined entity will utilize equity, debt, and other offerings to develop a network of Bitcoin-related businesses and significantly increase its Bitcoin treasury holdings.

This merger exemplifies a broader trend of companies accumulating Bitcoin as a strategic asset. Several notable examples underscore this growing trend:

• Strive: Vivek Ramaswamy’s Strive intends to acquire approximately 75,000 Bitcoin at a discounted price through the purchase of distressed claims tied to the bankrupt Mt. Gox exchange. This strategy aims to boost Strive’s Bitcoin holdings per share before its mid-year reverse merger with Asset Entities.

• Strategy (formerly MicroStrategy): Recently purchased 7,390 Bitcoin for $765 million, despite facing a class-action lawsuit alleging misrepresentation of its Bitcoin investments.

• Tether: Invested nearly $459 million in Bitcoin through Twenty One Capital, a Bitcoin investment firm it backs, anticipating the completion of a SPAC merger with Cantor Equity Partners.

These significant investments, alongside the KindlyMD and Nakamoto Holdings merger, demonstrate a robust appetite for Bitcoin among corporate entities. This contrasts with the retail investor and ETF markets, suggesting a more significant institutional commitment to Bitcoin as a long-term asset. The surge in Bitcoin’s price, nearing all-time highs, further supports this trend and reflects increased speculative activity, as evidenced by record-high futures open interest.