Shareholders of the healthcare services provider KindlyMD, Inc have approved a proposed merger with Bitcoin holding company Nakamoto Holdings, founded by US President Donald Trump’s crypto adviser, David Bailey.

KindlyMD and Nakamoto Holdings, a newly formed company that focuses on creating a network of Bitcoin-related entities, will both file information statements with the Securities and Exchange Commission, KindlyMD said in a May 20 statement.

The merger is expected to take place 20 days after both companies have shared the information statement with KindlyMD’s shareholders, with the transaction expected to be finalized in the third quarter of 2025.

Google Finance shows shares in KindlyMD (KDLY) closed the May 20 trading session up 9% at $15.22 and gained another 4.8% after the bell as the announcement of the approved merger came after the trading session ended. KDLY is up over 979% so far this year.

Shares of KindlyMD were up 4.8% after-hours on news that shareholders approved a merger with Nakamoto Holdings. Source: Google Finance.

The companies first announced the merger on May 12, saying the merged entity will use equity, debt, and other offerings to develop a slew of Bitcoin-native companies. Additionally, the company will also bolster its treasury by accumulating Bitcoin (BTC).

Companies continue to increase their Bitcoin holdings

A growing number of public companies have been adding Bitcoin to their balance sheets and have outpaced retail investors and exchange-traded funds, according to Bitcoin investment firm River.

Vivek Ramaswamy’s Strive said on May 20 that it intends to purchase Bitcoin claims tied to the defunct crypto exchange Mt. Gox and would look to buy 75,000 BTC at a discounted price.

Related: Bitcoin open interest hits record high as bulls stampede toward new BTC price highs

Strategy, formerly MicroStrategy, said on May 19 that it purchased 7,390 BTC for $765 million last week. The company’s top brass were also hit with a class-action lawsuit alleging they had failed to accurately represent the nature of the company’s Bitcoin investments.

Earlier this month, stablecoin issuer Tether bought nearly $459 million worth of Bitcoin for Twenty One Capital, a Bitcoin investment firm it backed that is awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners.

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