PANews reported on May 12 that David Bailey and his Bitcoin native holding company Nakamoto officially announced a merger with medical service provider KindlyMD (NASDAQ: KDLY), and will establish a public market Bitcoin Treasury through the merger. According to the official press release, the transaction raised a total of US$710 million, including US$510 million in PIPE financing and US$200 million in convertible bonds, making it the largest public crypto transaction PIPE financing to date. This PIPE financing attracted more than 200 institutions from six continents around the world, including Actai Ventures, Arrington Capital, Van Eck, etc., as well as well-known Bitcoin figures such as Adam Back, Jihan Wu, and Balaji Srinivasan; the convertible bonds were exclusively subscribed by YA II PN, Ltd., a fund under Yorkville Advisors.

David Bailey will serve as CEO of the merged company and plans to build a global ecosystem with Bitcoin at its core, covering media, finance and consulting services. The company will accumulate Bitcoin through financial instruments such as equity and debt, and increase the Bitcoin Yield per share. KindlyMD's medical business will continue to be retained and its shares will still be traded on Nasdaq.

Last week, it was reported that David Bailey, who once provided encryption policy advice to Trump, plans to set up a Bitcoin investment company and intends to raise $300 million .