KindlyMD, a Utah-based healthcare provider, has merged with Nakamoto Holdings, led by David Bailey, to form a company poised to accumulate over $700 million in Bitcoin. This new entity aims to hold one million BTC, which could establish it as the largest Bitcoin holder, surpassing current leader MicroStrategy with approximately 629,000 BTC. The merger has resulted in a stock surge for NAKA, increasing by 100% to $15. The cryptocurrency market overall experienced declines, with Bitcoin trading around $119,100 and ETH at approximately $4,630. Despite the recent downturn in Bitcoin interest, the impending merger has revitalized discussions around Bitcoin and institutional investment strategies. Meanwhile, ETH ETFs have significantly outperformed Bitcoin ETFs in recent sessions, prompting speculation about a competitive landscape between ETH and BTC holdings in corporate treasuries. The market's overall capitalization has fluctuated, reflecting the ongoing volatility and evolving investment strategies in the crypto space.

Source đź”—