680 million USD "buy the dip BTC, unrealized losses of 10 million, Trump encryption advisor's "Whale debut"

In Salt Lake City, Utah, KindlyMD was originally a network of clinics focused on treating opioid dependence. Founder and CEO Tim Pickett has emphasized multiple times: “We don’t just treat illnesses, we help patients rebuild their lives.” In the U.S. healthcare system, KindlyMD has gained attention for its “integrative healthcare” model.

However, in August 2025, a piece of news brought this company into the global spotlight of crypto finance: KindlyMD completed its merger with Nakamoto Holdings, officially transforming into a Bitcoin treasury company. After the merger was completed, the stock code changed to NAKA, and it immediately announced the purchase of 5,744 Bitcoins for approximately $679 million.

Overnight, this well-known medical company has become a new giant in the Bitcoin capital market.

David Bailey: Bitcoin Evangelist and Trump “Advisor”

The driving force behind this transformation is David Bailey.

He is the CEO of Bitcoin Magazine and has been actively involved in Bitcoin industry conferences and initiatives for a long time, regarded as one of the early advocates of the “Bitcoin treasuryization.”

In 2023, he founded Nakamoto Holdings, a company with no complex products and no cumbersome operations, only one goal: to buy Bitcoin with as much capital as possible.

Bailey claimed: “This is the Bitcoin treasury project.”

During the 2024 U.S. presidential election, Bailey provided policy-level advice and communication on issues related to digital assets and Bitcoin to the Trump campaign team in the capacity of an external consultant/advisor.

He is widely regarded as one of the key figures in Trump’s transformation from a cryptocurrency skeptic to a Bitcoin supporter. It was he who proposed to Trump the strategic idea of using cryptocurrency assets as a policy bargaining chip and public asset reserve, thereby influencing his stance and policy direction.

At last year’s Bitcoin conference, Trump publicly stated, “Dave, you did a great job” (“So David, congratulations, whatever you do, you did a wonderful job.”), showing his recognition of him.

According to CNBC citing informed sources, he has visited the White House at least six times. Bailey himself publicly stated: “The president has fulfilled his commitment to the Bitcoin industry, and I will always be grateful for that.”

It is worth noting that in Japan’s “MicroStrategy” company Metaplanet’s advisory board, Bailey is a member alongside Eric Trump (the second son of Trump). This creates a subtle resonance between KindlyMD/NAKA’s strategy and the Trump family’s layout in cryptocurrency finance.

PIPE + Convertible Bonds: Capital Magic

In the summer of 2025, Bailey found his “listing vehicle” - KindlyMD.

The transformation of KindlyMD is not just a simple shell change. Bailey has prepared ample ammunition for NAKA through a complex set of capital operations:

PIPE financing of 540 million USD, issue price of 1.12 USD/share;

Convertible bonds of 200 million dollars, zero interest for the first two years, 6% interest starting from the third year, conversion price of 2.80 dollars.

Bailey said in an interview with CNBC: “I can raise nearly 100 million dollars almost every day, and sometimes even 200 million.”

This financing has received support from over 200 investors, including Actai Ventures, Arrington Capital, BSQ Capital Partners, Kingsway, Van Eck, and Yorkville Advisors.

The list of investors in NAKA is almost a “Hall of Fame for Bitcoin”:

• Adam Back: Inventor of Hashcash, CEO of Blockstream.
• Balaji Srinivasan: former CTO of Coinbase, former partner at a16z.
• Jihan Wu: Co-founder of Bitmain.
• Ricardo Salinas: Mexican billionaire and staunch BTC believer.
• Eric Semler: Wall Street veteran, Chairman of Semler Scientific.
• Simon Gerovich: Metaplanet CEO, promotes Japanese listed companies to become “Asia’s MicroStrategy.”

These names represent the capital power of the global Bitcoin industry. From Wall Street to Asia, from mining machines to exchanges, NAKA brings together a global map of Bitcoin power.

With the backing of capital, NAKA made its “whale debut” by purchasing 5,764.91 bitcoins at an average price of 118,204 USD/coin, directly entering the top twenty corporate bitcoin holders globally.

Strategy²?

To understand NAKA’s strategy, it must be placed within the reference frame of Strategy (formerly MicroStrategy).

Strategy: Since 2020, founder Michael Saylor has converted the company’s cash into Bitcoin, currently holding 629,376 BTC, worth over 7.2 billion USD. It has completely transformed into a “Bitcoin proxy stock,” with its market value deeply tied to the BTC trend.

NAKA: Currently holds only 5,765 BTC, which is equivalent to 0.9% of MicroStrategy.

But Bailey’s goal is more ambitious: to establish a network of Bitcoin treasury companies in global capital markets, ultimately holding 1 million BTC, accounting for nearly 5% of the total Bitcoin supply.

If MicroStrategy is the “pioneer”, then NAKA is “Strategy²”.

But the market is always cruel.

NAKA bought in at an average price of $118,204. As of August 19, when this article was written, Bitcoin’s lowest price for the day fell to about $112,757, resulting in a floating loss of approximately $31.39 million for NAKA. This loss is not significant, accounting for only 4% of the total investment. However, it reveals the inherent risks of the Bitcoin treasury model: the stock price and corporate value are almost entirely bound to the price of Bitcoin.

However, this is a long-term strategic game aimed at a reserve of millions of BTC, and short-term fluctuations actually provide better entry opportunities.

According to data from bitcointreasuries.net, there are currently 168 publicly traded companies holding Bitcoin, totaling over 983,000 BTC, which is close to 5% of the total supply of Bitcoin.

In addition to MicroStrategy and NAKA, a new player is also attracting market attention - Twenty One. It was jointly founded by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, initially holding 43,500 BTC, which is close to 5 billion dollars at the current market price. Although it has not officially traded yet, its consortium background indicates that the Bitcoin treasury model is transitioning from “single company betting” to a stage where cross-industry consortiums work together to promote it.

As capital giants begin to view Bitcoin as a core allocation in their balance sheets, the market’s pricing power is quietly shifting away from retail investors and towards institutional alliances that control financing, investment banking tools, and multinational resources.

Is this the beginning of a new chapter in financial history, or a re-enactment of an old narrative?

Regardless of the answer, history will remember this scene: a medical company has suddenly transformed into a Bitcoin whale. Behind it, what truly influences the future price curve of Bitcoin is no longer the emotions of retail investors, but the patience and ambition of institutional capital.