David Bailey is no stranger in the crypto realm; from purchasing his first Bitcoin back in 2012 for just $10, he now helms NAKAMOTO (NAKA), which boasts of holding 5300 BTC in its treasury. Speaking to Coin Medium on the sidelines of the Bitcoin Mena conference in Abu Dhabi, Bailey was straightforward in his view that “all public companies will eventually own Bitcoin in their balance sheets”.
Bailey confirmed that the firm is in the process of executing a merger with BTC Inc. and UTXO, the operators behind the global UTXO Bitcoin conferences, which is expected to close in Q1 2026. Advising companies that are looking to go down the Treasury route, Bailey was clear that “every public company should put Bitcoin on their balance sheet as a strategic reserve asset, but they should only stick to Bitcoin rather than other cryptos.”
He argued that the next phase of investor demand will shift toward companies that can generate non-dilutive income, not just accumulate Bitcoin. Instead of pure treasury plays, he sees a premium for firms with operating cash flow alongside their BTC holdings. The KindlyMD reverse merger sidestepped IPO red tape, leveraging its $2.7 million revenue for swift Nasdaq access.
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Bailey also touched on policy and adoption, praising U.S. political support for Bitcoin, especially from President Trump, whom he once advised as part of his crypto council. He spoke of how President Trump’s push is helping bring nation-state adoption and strategic Bitcoin reserve conversations to governments around the world. He described persistent challenges in the crypto space as opportunities that “make Bitcoin stronger and more robust.” He shared that he first bought Bitcoin at $10, and stressed his belief that BTC could one day hit $100,000.
What is the KindlyMD merger?
In 2025, Nakamoto merged with KindlyMD, Inc., a Nasdaq-listed healthcare services company, to form a public Bitcoin treasury vehicle. The combined entity, continues to trade under the NAKA ticker. They recently raised ~$710 million in capital, and have plans to build a network of Bitcoin-native companies and accumulate up to 1 million BTC.
