Trump Crypto Advisor Raises $710 Million for Bitcoin Investing Firm

David Bailey, Bitcoin Magazine CEO who advised Donald Trump on crypto policy during his 2024 campaign, raised $710 million to launch a bitcoin investment company, more than double the amount it had targeted. The fundraising was among the largest for companies that plan to invest in bitcoin.

Investors have embraced companies like these, which replicate Michael Saylor’s success with Strategy, formerly known as MicroStrategy. Shares of the tiny company expected to be transformed into a bitcoin investment business surged as much as 700% Monday.

The company Nakamoto, whose plan was first reported by The Information, says it is merging with KindlyMD, a Nasdaq-listed smallcap healthcare firm, which will use the funding to buy bitcoin. The deal consists of $510 million in KindlyMD shares and pre-funded warrants and $200 million in convertible notes. Bailey will be the CEO of the combined company. KindlyMD, which generated a net loss of $3.6 million on $2.7 million revenue in 2024, says it will continue its healthcare operations.

In anticipation of the big investment, shares of KindlyMD rose as much as 700% pushing its market cap above $100 million. Investors in the deal include Van Eck, ParaFi, Kingsway, as well as former Coinbase executive Balaji Srinivasan and Bitmain founder Jihan Wu.