David Bailey's Nakamoto closes legacy healthcare clinics as bitcoin operating company pivot nears completion

Nakamoto Inc., the bitcoin (BTC) treasury firm led by entrepreneur David Bailey, announced Monday that its healthcare clinics ceased operations on June 19, winding down its legacy medical business that originated from its merger with KindlyMD in 2025. 

The healthcare exit reflects Nakamoto’s transition toward a bitcoin operating model centered on media and information services, asset management, and consulting and advisory businesses designed to generate recurring revenue, the company said in a statement. 

"We have built a differentiated platform spanning the world's leading Bitcoin media and events enterprise, a growing asset management business, and an advisory practice — and we are now entirely focused on scaling those businesses and building durable long-term value for our shareholders," Nakamoto CEO David Bailey said.

Additional administrative activities associated with the wind-down of the legacy healthcare business are expected to be completed in the third quarter of 2026, per the statement.

Nakamoto was among a cohort of bitcoin-focused digital asset treasury companies that emerged in 2025, alongside peers such as Twenty One Capital, backed by Tether and Strike founder Jack Mallers. 

The company was formed through a merger with healthcare operator KindlyMD that raised approximately $540 million in gross proceeds from a PIPE financing to fund bitcoin purchases. KindlyMD's healthcare operations continued through Kindly LLC, a wholly owned subsidiary, until the June 19 closure.

According to The Block's data dashboard, Nakamoto held 4,467 BTC as of June 23, valued at approximately $278.5 million. By comparison, Michael Saylor's Strategy, the largest corporate bitcoin holder, holds 847,363 BTC valued at $52.9 billion. Twenty One Capital holds 43,514 BTC.

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Nakamoto reported a $238.8 million net loss in the first quarter of 2026, driven largely by non-cash losses tied to its bitcoin holdings and investment portfolio, alongside transaction and integration costs related to recent acquisitions.

Nakamoto shares closed at $4.09 on Tuesday, down 2.85% on the day, per TradingView. The stock has fallen over 99% since peaking shortly after the company announced its merger with KindlyMD and began positioning around a bitcoin accumulation strategy in May 2025.