The Nakamoto–KindlyMD $710 million merger consists of $510 million private investment in public equity from over 200 global backers, including VanEck and a purchase of $200 million in secured convertible notes from a fund managed by Yorkville Advisors

Event date

May 12, 2025

Quotes that support claims

The PIPE financing attracted over 200 investors globally, including institutional investors such as Actai Ventures, Arrington Capital, BSQ Capital Partners, Kingsway, Off the Chain Capital, ParaFi, RK Capital, Van Eck, and Yorkville Advisors, alongside individuals including Adam Back, Balaji Srinivasan, Danny Yang, Eric Semler (CEO of Semler Scientific), Jihan Wu, Ricardo Salinas, and Simon Gerovich (CEO of Metaplanet). YA II PN, Ltd., an investment fund managed by Yorkville Advisors, was the sole convertible note purchaser.

The transaction includes $510 million in gross proceeds from a private placement in public equity priced at $1.12 per share and consisting of common stock and pre-funded warrants in KindlyMD and $200 million in gross proceeds from the sale of senior secured convertible notes maturing in 2028.

The deal includes a $510 million private investment in public equity and $200 million in convertible notes — the largest capital raise to fund a bitcoin treasury company and the biggest PIPE for any public crypto-related transaction, the companies claimed. The PIPE and debt financings are expected to close at the same time as the merger.

Tags

Week 20 of 2025