In 2025, the rapid rise and subsequent dramatic fall of newly formed bitcoin treasury companies will be a notable event, particularly for those trying to replicate Michael Saylor’s successful approach. Among the most prominent was KindlyMD (NAKA), spearheaded by David Bailey, former CEO of Bitcoin Magazine and advisor to Donald Trump’s successful presidential campaign.
This feature is part of CoinDesk’s Most Influential 2025 list.
Initially a lesser-known microcap healthcare firm, KindlyMD announced a merger with Bailey’s Nakamoto Holdings in May, securing over $700 million in funding to establish a bitcoin treasury firm. Kindly’s shares (originally tickered KIND, later changed to NAKA) skyrocketed from about $2 to over $30 in mere days. That marked their peak.
Despite Bailey’s relentless promotions on X, NAKA shares continued to decline through spring and summer, even as bitcoin prices rose. After the merger concluded in mid-August, the situation worsened. Early investors, now able to sell their shares a month later, took advantage of this. In a rather unusual move for a public company CEO, Bailey even supported this decision. “For those shareholders who have come looking for a trade, I encourage you to exit,” he stated in a September letter. Exit they certainly did.
Currently trading around $0.45, KindlyMD shares have plummeted approximately 99% from their peak, worth about 25% of their value prior to the merger with Bailey’s Nakamoto Holdings.
