Nakamoto Holdings Raises $51.5M in PIPE Deal
Bitcoin holding company Nakamoto Holdings, co-founded by David Bailey—a cryptocurrency advisor to former US President Donald Trump—has successfully closed a $51.5 million private placement in public equity (PIPE) deal.
The transaction was announced via a statement from merger partner KindlyMD. Bailey indicated the funds were raised in under 72 hours, showcasing strong investor demand for Nakamoto‘s Bitcoin accumulation strategy.
“Investor demand for Nakamoto is incredibly strong. We continue to execute our strategy to raise as much capital as possible to acquire as much Bitcoin as possible.”
— David Bailey, Nakamoto Holdings
At a price of $5.00 per share, Nakamoto Holdings’ total funding from KindlyMD now stands at approximately $563 million, with an additional $763 million secured through convertible notes.
The Bitcoin Treasury Strategy
Nakamoto Holdings‘s operational approach resembles that of other corporate entities leveraging Bitcoin as a reserve asset. Established earlier this year with a primary objective of constructing a significant Bitcoin treasury, the company pursues this goal despite persistently mixed market sentiment.
Funds from the latest PIPE round will primarily be allocated towards Bitcoin purchases, supplemented by working capital reserves and general operational requirements.
The financing agreement is expected to close concurrently with the anticipated merger between Nakamoto Holdings and KindlyMD, which is listed on the Nasdaq under the ticker NAKA. Last month, KindlyMD shareholders approved this merger, and both entities intend to file necessary documents with the SEC, with completion anticipated in Q3 2025.
The initial merger announcement occurred on May 12, highlighting the vision for a merged entity focused on developing multiple Bitcoin-native companies, alongside significantly expanding its treasury through further Bitcoin accumulation.
Growing Adoption Amid Skepticism
Recent data from BitcoinTreasuries.NET indicates that a total of 27 organizations have incorporated Bitcoin into their balance sheets over the past month, demonstrating the persistent corporate interest in the cryptocurrency.
However, not all market participants are optimistic about the trend. Fakhul Miah of GoMining Institutional has cautioned that smaller firms might adopt Bitcoin more out of necessity than strategic alignment, often lacking adequate safeguards.
Further concern was voiced by the investment bank Standard Chartered, which warned that if the price of Bitcoin falls below the $90,000 benchmark, a significant portion of these treasury-holding companies could face liquidation risks, potentially harming the cryptocurrency market’s broader reputation.
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