KindlyMD, a healthcare company listed on Nasdaq, has announced its first Bitcoin purchase since merging with David Bailey’s Nakamoto Holdings.
On August 19, the firm revealed that it spent $679 million to buy 5,744 BTC
$114,499.69
at an average price of $118,204 per coin.
The funds came from a private investment in public equity (PIPE). KindlyMD described the decision as part of a measured approach to building a Bitcoin reserve.
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KindlyMD’s Bitcoin purchase is only a fraction of what the firm plans to acquire in the long term. Bailey, who leads the company as both chairman and CEO, said the goal is to accumulate 1 million BTC.
He explained that Bitcoin will serve as a foundation for the future of global finance. Bailey added that the asset represents the most reliable form of reserve for both companies and institutions.
The company indicated that future purchases could be supported not only by its cash flow but also by outside funding. Using PIPE financing for this initial buy demonstrates its willingness to rely on both sources to reach its target.
Bailey was previously an adviser to Donald Trump’s presidential campaign and is often credited with influencing Trump’s shift toward supporting Bitcoin.
Recently, Bailey also announced plans to raise $200 million for a political action committee (PAC) to support Bitcoin initiatives in the US. What did he say? Read the full story.
