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Trump Adviser's "Whale Debut" with $680M Bitcoin Bet Faces Early Losses
Summary: In a dramatic pivot from a medical company to a Bitcoin treasury, KindlyMD has officially rebranded as Nakamoto Holdings ($NAKA) and made a colossal entry into the crypto market. The company announced its purchase of 5,744 BTC for approximately $679 million, instantly vaulting it into the top tier of corporate Bitcoin holders. The Architect Behind ...
In a dramatic pivot from a medical company to a Bitcoin treasury, KindlyMD has officially rebranded as Nakamoto Holdings ($NAKA) and made a colossal entry into the crypto market. The company announced its purchase of 5,744 BTC for approximately $679 million, instantly vaulting it into the top tier of corporate Bitcoin holders.
The Architect Behind the Bet
The man behind this audacious transformation is David Bailey, CEO of Bitcoin Magazine.
He's a self-described evangelist for corporate Bitcoin adoption and is widely considered a key adviser who helped shift President Donald Trump's stance on digital assets. His connection to the Trump family is further underscored by his advisory role at Metaplanet alongside Eric Trump, the former president's son.
A Star-Studded Investor Roster
To finance this ambitious venture, Bailey orchestrated a sophisticated capital raise of over $700 million from a "who's who" of the Bitcoin world. The investor list reads like a Bitcoin "Hall of Fame," including Blockstream CEO Adam Back, former Coinbase CTO Balaji Srinivasan, Bitmain co-founder Jihan Wu, and Mexican billionaire Ricardo Salinas, among others. This powerful gathering of capital positions NAKA as a significant player on the global Bitcoin power map.
A Risky "Strategy²"
NAKA's strategy, dubbed "Strategy²,"is a direct challenge to the precedent set by MicroStrategy. While the latter pioneered the corporate Bitcoin treasury model, NAKA's ambition is even more aggressive: to amass a network of companies with a combined goal of holding one million BTC.
However, the market is an unforgiving teacher. NAKA's first purchase came at an average price of $118,204 per coin. With a recent market dip, NAKA was sitting on a paper loss of approximately $31.39 million, highlighting the inherent volatility and risk of the treasury model.
Despite this, the move signals a broader trend. New players like "Twenty One," a consortium backed by Tether, Bitfinex, and SoftBank, are entering the space. This shift from single-company bets to multi-industry consortiums suggests that the corporate Bitcoin treasury movement is entering a new, more institutional phase. The question remains: is this a new chapter in financial history, or merely a reprise of old narratives?
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