Nakamoto Holdings, a holding company co-founded by Bitcoin Magazine CEO David Bailey, has entered into an agreement with Healthcare firm KindlyMD (NASDAQ: KDLY) to form a new Bitcoin treasury, the companies said Monday.

To raise money for the new treasury, the companies raised $710 million–$510 million via private investment in public equity and $200 million in convertible notes. The announcement added that it was the largest public crypto transaction, and attracted over 200 investors, including Actai Ventures, Arrington Capital, and BSQ Capital Partners. 

Bailey advised President Trump on his 2024 crypto policy while the Republican was campaigning. He will be the CEO of the new Bitcoin treasury. 

The announcement said that the merger would “build the first global network of Bitcoin treasury companies” to “accelerate Bitcoin adoption and utility.”

Bailey said in a statement: “The securitization of Bitcoin will redraw the world’s economic map. We believe a future is coming where every balance sheet—public or private—holds Bitcoin.” 

Decrypt reached out to Bailey for comment. 

KindlyMD is a healthcare company which had no connection to the crypto space before Monday’s announced merger. The company said it would continue to focus on its mission of “combating the opioid crisis through innovative, holistic health services.”

Bitcoin treasury companies are firms that buy and hold the biggest cryptocurrency by market cap. Nasdaq-listed Strategy—formerly MicroStrategy—became the first major company to label itself as a Bitcoin treasury. 

The software company pivoted its focus from software in 2020 and now offers investors an avenue for gaining exposure to the asset without purchasing Bitcoin itself.

Last month, crypto and financial services giants Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group announced that they would team up to launch Twenty One, a publicly traded, Bitcoin-centric company that plans to launch with a treasury of more than 42,000 BTC—or about $3.9 billion worth.

KindlyMD’s stock was recently trading over 300% higher on the news. 

Edited by James Rubin