People walk past an advertisement feature Donald Trump with Bitcoin in Hong Kong. 

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Shares of KindlyMD skyrocketed 600% Monday after the healthcare company announced a merger with Nakamoto Holdings, a bitcoin investment company founded by David Bailey, a key cryptocurrency advisor to President Donald Trump.

The newly formed company has secured $200 million in convertible debt and $510 million in fresh capital through a private investment in public equity (PIPE) deal, offering shares at $1.12 each.

The raise drew support from more than 200 investors, including Actai Ventures, Arrington Capital, BSQ Capital Partners, Kingsway, Van Eck, and Yorkville Advisors.

Read more about tech and crypto from CNBC Pro

The roster of individual investors reads like a who’s who of bitcoin — cryptographer Adam Back; Balaji Srinivasan, a former Coinbase executive; Jihan Wu, co-founder of Bitmain; and Ricardo Salinas, the Mexican billionaire who has become one of bitcoin’s most vocal supporters.

Bitcoin was trading above $104,000 Monday morning. The price of the crytocurrency lept above $100,000 on Thursday for the first time since February.

Shares of KindlyMD will continue to trade under the “KDLY” ticker. The combined company expects to be renamed and will get a new ticker symbol.

Nakamoto, led by Bailey as CEO, will focus on acquiring and holding bitcoin — a strategy that has become popular among investment firms seeking to turn their stock into a direct bet on the cryptocurrency’s price.

“We believe a future is coming where every balance sheet – public or private – holds bitcoin,” Bailey said in a press release.

Bailey isn’t the first to chase this model. Michael Saylor’s Strategy (formerly MicroStrategy) transformed itself from a software company into a bitcoin holding firm in 2020, converting its cash reserves into bitcoin and watching its stock skyrocket as bitcoin’s value surged.

But KindlyMD’s foray into crypto is even stranger, given that the company built its brand around combating opioid addiction with holistic health services.

“This merger represents a strategic leap for KindlyMD, allowing us to expand our mission,” said Tim Pickett, CEO of KindlyMD. “Nakamoto brings in a team with deep expertise in Bitcoin strategy and unparalleled access to the leading experts in bitcoin treasury management.”

Pickett, who will continue to oversee KindlyMD’s healthcare operations, insisted that the clinics will maintain their focus on treating opioid addiction and offering patient-first care.

“It’s a bold new vision that will drive long-term value for our shareholders,” added Pickett.

WATCH: How Trump was ‘orange-pilled’ by three bitcoiners in Puerto Rico

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From left, U.S. President Donald Trump, Senator Dave McCormick, his wife Dina Powell McCormick and Elon Musk watch the men’s NCAA wrestling competition at the Wells Fargo Center in Philadelphia, Pennsylvania, on March 22, 2025.

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Meta on Friday announced that it was expanding its board of directors with two new members, including Dina Powell McCormick, a part of President Donald Trump’s first administration.

Powell McCormick served as a deputy national security advisor to Trump from 2017 to 2018. She is also married to Sen. Dave McCormick, a Republican from Pennsylvania who took office in January.

“He’s a good man,” Trump said of McCormick in an endorsement last year, according to the Associated Press. Powell McCormick and her husband were photographed in March beside Trump and Tesla CEO Elon Musk, a current advisor to the president, at a wrestling championship match in Philadelphia, Pennsylvania.

Additionally, Powell McCormick was assistant Secretary of State under Condoleezza Rice in President George W. Bush’s administration.

Besides her political background, Powell McCormick is vice chair, president and head of global client services at BDT & MSD Partners. That company was founded in 2023 when the merchant bank BDT combined with Michael Dell’s investment firm MSD. Powell McCormick arrived at the firm after 16 years at Goldman Sachs, where she had been a partner.

Her appointment represents another sign of Meta’s alignment with Republicans following Trump’s return to the White House.

In January, the company announced a shift away from fact-checking and said it was bringing Trump’s friend Dana White, CEO of Ultimate Fighting Championship, onto the board. The changes follow Trump dubbing the company behind Facebook and Instagram “the enemy of the people” on CNBC last year.

Also on Friday, Meta said Patrick Collison, co-founder and CEO of payments startup Stripe, was also elected to the board. Stripe was valued at $65 billion in a tender offer last year.

“Patrick and Dina bring a lot of experience supporting businesses and entrepreneurs to our board,” Meta co-founder and CEO Mark Zuckerberg said in a statement.

Zuckerberg visited the White House last week, after attending Trump’s inauguration in Washington in January. Politico last week reported that the Meta CEO paid $23 million in cash for a mansion in the nation’s capital.

Powell McCormick and Collison officially become directors on April 15, Meta said.

WATCH: Mark Zuckerberg lobbies Trump to avoid Meta antitrust trial, reports say

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