Key Takeaways
- Earlier this year, Nakamoto Holdings raised $763 million to fund its Bitcoin treasury strategy.
- The firm went public via a merger with Nasdaq-listed KindlyMD.
- Nakamoto has kickstarted its Bitcoin acquisitions with a single massive purchase facilitated by Anchorage Digital.
David Bailey, the chairman of Bitcoin Magazine and a campaign advisor to Donald Trump, has always dreamed of buying a billion dollars’ worth of BTC in one go.
Now, with his Bitcoin Treasury firm Nakamoto Holdings poised to spend the $763 million of capital it raised earlier this year, “tomorrow that dream comes true,” Bailey said on Monday, Aug. 11.
What Is Nakamoto Holdings?
Nakamoto made its public debut in May via a merger with the Nasdaq-listed healthcare firm, KindlyMD. Such mergers have become a popular way for Bitcoin treasury firms to gain a foothold on public markets.
With plans to launch a public Bitcoin treasury strategy, the initial deal included a massive $511.5 million PIPE (Private Investment in Public Equity) raised from over 200 investors, including crypto-native fund managers like Off the Chain Capital and more traditional players like VanEck.
As part of the merger, KindlyMD issued a further $200 million in senior secured convertible notes.
In June, the merged entity raised an additional $51.5 million via PIPE financing, bringing the total amount raised to around $763 million.
Entering the Bitcoin Treasury Big League
With Nakamoto spending its entire stash in one go, Bailey has already hinted that further raises are on the horizon.
While still short of MicroStrategy’s largest acquisitions, Nakamoto’s purchase immediately propels the firm to the Bitcoin treasury big league.
Although Bailey referred to the acquisition as a “smash buy,” for such massive purchases, company’s break the transaction into smaller chunks using a Volume Weighted Average Price (VWAP) strategy. This helps limit the impact on the market and ensure a more stable price throughout the transaction window.
Buying $1 Billion BTC
In a May press release, anchorage digital said it “will provide custody and trading services to KindlyMD for its Bitcoin treasury operations once the merger with Nakamoto closes.”
Anchorage leverages a mix of private over the counter (OTC) markets to execute large BTC trades, splitting orders across multiple counterparties and wallets.
The firm has a strong track record of executing large transactions without destabilizing the market. For example, on July 2025, Anchorage acquired 10,141 BTC worth more than a billion dollars within a nine-hour window.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
