KindlyMD’s shares jumped roughly 600 % in morning trading on 12 May after the healthcare data company said it would merge with Nakamoto, a bitcoin-native holding company founded by Bitcoin Magazine chief executive David Bailey. The deal is backed by a $710 million financing package that includes a $510 million private investment in public equity and $200 million in convertible notes, which the companies say is the largest PIPE ever raised for a cryptocurrency-focused venture. More than 200 institutional investors took part in the funding round. The combined entity plans to hold bitcoin on its balance sheet and operate as a publicly traded bitcoin treasury vehicle. It will continue to trade under the ticker KDLY until a rebranding is completed, with Bailey slated to become chief executive officer. Bailey—who also serves as a digital-asset adviser to President Donald Trump—said the objective is to speed corporate adoption of bitcoin, adding that he expects "every balance sheet, public or private, to hold Bitcoin."