Bitcoin’s Institutional Leap: Nakamoto Holdings and KindlyMD Merge to Create $710M BTC Treasury Giant

In a landmark move for institutional Bitcoin adoption, Nakamoto Holdings is set to go public through a merger with KindlyMD Inc. (KDLY), forming the largest publicly traded Bitcoin treasury vehicle to date. The combined entity has secured $710 million in financing, marking a pivotal moment for Bitcoin’s integration into traditional finance.

Nakamoto Holdings to Go Public via Merger with KindlyMD, Creating $710M Bitcoin Treasury Vehicle

KindlyMD Inc. (KDLY) has agreed to merge with Nakamoto Holdings, a bitcoin-native holding firm founded by David Bailey, forming what will become the largest publicly traded BTC treasury vehicle to date. The combined entity secured $710 million in financing—$510 million via PIPE and $200 million in convertible notes—marking a watershed moment for institutional bitcoin adoption.

The deal underscores growing demand for bitcoin treasury strategies as digital assets enter mainstream finance. Nakamoto’s approach focuses on accumulating BTC through equity, debt, and structured offerings, reflecting institutional confidence in bitcoin’s long-term value proposition.

Shares of KindlyMD soared 650% on the announcement, demonstrating market enthusiasm for bitcoin-centric investment vehicles. The transaction sets a new benchmark for capital raises targeting bitcoin accumulation, surpassing previous treasury formation attempts.

Trump-Backed Bitcoin Mining Venture to Go Public via Gryphon Digital Merger

American Bitcoin, a Hut 8 majority-owned subsidiary with ties to the TRUMP family, is set to become a publicly traded company through a stock-for-stock merger with Gryphon Digital Mining. The deal sent shares of both companies soaring, with Gryphon’s stock surging over 200% in pre-market trading.

The combined entity will operate under the American Bitcoin name and trade on Nasdaq under the ticker ’ABTC’, retaining its current leadership team. The transaction highlights growing institutional interest in bitcoin mining operations, particularly those with high-profile political connections.

Eric Trump and Donald Trump Jr., who previously merged their American Data Center firm with American Bitcoin in March, maintain a 20% stake in the venture. Hut 8 controls the remaining 80% of the company ahead of the merger’s expected close in Q3 2025.

Strategy Boosts Bitcoin Holdings to $60 Billion with $1.34 Billion Purchase

Strategy, the rebranded entity formerly known as MicroStrategy, has deepened its Bitcoin bet with a $1.34 billion acquisition of 13,390 BTC. The May 12 SEC filing reveals the purchase was executed at an average price of $99,856 per Bitcoin, bringing the firm’s total holdings to 568,840 BTC—worth approximately $59 billion at current market prices.

Michael Saylor, the company’s Executive Chairman, announced the MOVE on social media platform X, highlighting a 15.5% year-to-date yield on their Bitcoin treasury strategy. Strategy’s cumulative investment now stands at $39.41 billion, with an average cost basis of $69,287 per BTC.

Spot Bitcoin ETFs See Record $921 Million Weekly Inflows Amid Sustained Demand

US spot Bitcoin ETFs have notched three consecutive weeks of net inflows, culminating in a $921 million surge during the week of 5-9 May 2025. The sector has drawn $5.8 billion since mid-April, pushing total inflows to an all-time high of $41.16 billion since the products launched in 2024.

BlackRock’s iShares Bitcoin Trust (IBIT) leads the pack with a 19-day inflow streak totaling over $5 billion. Fidelity’s FBTC and ARK21Shares’ ARKB also posted significant inflows, reflecting institutional investors’ growing appetite for crypto exposure through regulated vehicles.

Bitcoin ETFs Surpass $40 Billion Milestone Amid Market Volatility

Bitcoin exchange-traded funds have eclipsed $40 billion in cumulative inflows, a watershed moment for cryptocurrency’s institutional adoption. The milestone reflects growing confidence in digital assets as macroeconomic uncertainty rattles traditional markets.

Flows into spot Bitcoin ETFs have demonstrated consistent growth since their January 2024 US launch, climbing from $12 billion in March 2024 to over $40 billion by May 2025. This trajectory underscores BTC’s evolution from speculative asset to portfolio mainstay.