KindlyMD soars on deal with David Bailey-backed Nakamoto to launch bitcoin treasury

Healthcare firm KindlyMD's KDLY.O shares rocket 438.5% to $21 premarket

KDLY agrees to merge with Nakamoto Holdings, founded by crypto entrepreneur David Bailey, to start bitcoin treasury strategy

Firm is latest in growing cohort of companies that have attempted to replicate approach of Michael Saylor's Strategy MSTR.O

Combined company will be led by Bailey and will aim to accumulate bitcoin, giving investors exposure to the cryptocurrency

KDLY has secured $510 million private placement in public equity (PIPE) financing and $200 million in convertible bonds

Combined company expected to be renamed and trade on Nasdaq under new ticker symbol

"Traditional finance and bitcoin-native markets are converging. The securitization of bitcoin will redraw the world’s economic map. We believe a future is coming where every balance sheet – public or private – holds bitcoin," Bailey says

PIPE financing involved participation from investment firms including Van Eck and Yorkville Advisors