Nakamoto Holdings, a firm led by Trump crypto adviser David Bailey, raised $51.5 million to expand its Bitcoin treasury strategy. The funds were secured through a private placement in public equity (PIPE) financing deal, according to a statement from KindlyMD, Nakamoto’s merger partner.
The PIPE deal priced shares at $5.00 each. This latest funding brings KindlyMD’s total capital raised to $563 million, or $763 million including convertible notes.
Bailey confirmed that the capital was secured in under 72 hours.
“Investor demand for Nakamoto is incredibly strong,”
he said.
“We continue to execute our strategy to raise as much capital as possible to acquire as much Bitcoin as possible.”
Bitcoin Treasury Plan Continues After Merger Approval
Nakamoto Holdings launched in early 2025 with a focus on building a Bitcoin treasury. The company follows a similar strategy to other firms that add BTC holdings to their balance sheets.
Funds from the PIPE round will mainly go toward buying Bitcoin, with a portion allocated to working capital and general operations. The PIPE financing will close in parallel with Nakamoto’s pending merger with KindlyMD, which trades on Nasdaq under the ticker NAKA.
KindlyMD’s shareholders approved the merger last month. Both companies plan to file necessary paperwork with the U.S. Securities and Exchange Commission (SEC). The merger is expected to finalize in Q3 2025.
On May 12, Nakamoto Holdings and KindlyMD first announced their merger plans. The deal includes plans to develop Bitcoin-based businesses using equity and debt tools. Part of the merged entity’s goal is to keep adding Bitcoin to its corporate reserves.
27 Companies Join Bitcoin Treasury Trend in June
Data from BitcoinTreasuries.NET shows that at least 27 companies added Bitcoin to their treasuries in the past month. One European firm recently purchased an additional $20 million in BTC, taking its total holdings over $170 million.
Norwegian firm K33 is also raising capital to buy up to 1,000 BTC. These moves reflect continued interest in Bitcoin treasury strategies among public companies.
However, not all industry analysts are optimistic. Fakhul Miah, from GoMining Institutional, noted that some smaller firms may be adopting Bitcoin under pressure rather than through planned strategy. He also warned that some may lack proper risk controls.
Standard Chartered Issues Bitcoin Price Warning
Standard Chartered cautioned that if Bitcoin’s price falls below $90,000, nearly half of the companies that recently added BTC could face liquidation risk. The bank stated this scenario could harm the public image of the cryptocurrency market and participating firms.
Bitcoin traded at around $103,485 as of June 20, 2025. Despite this price level, concerns remain due to Bitcoin’s price volatility and the financial pressure it can place on firms using it as a treasury asset.
So far, Nakamoto Holdings has not responded to the risk warnings. The company continues to expand its Bitcoin treasury using capital raised through the PIPE financing and upcoming merger.
