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KindlyMD, a healthcare company that became a bitcoin treasury vehicle following its merger with David Bailey’s Nakamoto Holdings, started its ambitious bitcoin accumulation plan by purchasing 5,744 for $679 million.

The company and Nakamoto completed their merger in mid-August, combining funds from a concurrent $200 million convertible note offering and an expanded $540 million PIPE financing. According to the newly combined company, which trades under the ticker NAKA, it currently owns 5,764.91 bitcoins after purchasing its first tranche at an average price of $118,204.

KindlyMD has joined the growing group of institutional Bitcoin holders following a recent acquisition. According to data from The Block’s dashboard, KindlyMD is now among the top 20 publicly tracked Bitcoin treasury holders, while Michael Saylor’s strategy continues to lead with over 629,376 BTC, valued at more than $72 billion.

The company now holds more Bitcoin than industry leaders such as Cango Inc., GameStop, and Semler Scientific.

Nakamoto aims to eventually acquire over one million Bitcoins to achieve his goal of owning up to 5% of the total capped supply of 21 million Bitcoins. David Bailey, the CEO and chairman of NAKA, stated, “Our long-term goal of amassing one million Bitcoin reflects our belief that Bitcoin will be the foundation of the next era of global finance.” This aggressive accumulation strategy aligns with the emergence of digital asset treasuries as a new asset class and the growing institutional demand for exposure to Bitcoin.

These public companies, pioneered by Strategy, raise money through debt, preferred securities, and public equity—all of which are simple for traditional investors to comprehend and own. As part of a corporate crypto balance sheet, they subsequently park the money in Bitcoin or other cryptocurrency assets.