Morning Minute: One other $700M+ Bitcoin TreasuryCo Is Born – Decrypt

Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

At present’s prime information:

• Crypto majors crimson on the day, BTC dominance rebounds; BTC at $119k
• ETH ETFs see one other prime 5 day, outpace BTC 3.3:1 over previous 5 periods
• David Bailey’s Nakamoto completes merger to launch $700M+ BTC DAT
• Citigroup considers moving into crypto custody, eyes stables and BTC+ETH
• Yeet confirms 40% of its airdrop will go to neighborhood

💰 One other $700M+ Bitcoin TreasuryCo Is Born

They’ve obtained large funds to get began shopping for, and a fair larger imaginative and prescient.

📌 What Occurred

Utah-based healthcare supplier KindlyMD (NASDAQ: NAKA) has accomplished its merger with Bitcoin-native holding firm Nakamoto Holdings.

David Bailey will take helm as CEO, and in case you don’t know him, he’s the co-founder and CEO of BTC Inc, the corporate behind Bitcoin Journal and the annual Bitcoin Convention.

Fast TLDR on the merger:

• New mission: The corporate’s ticker is NAKA, pivoting from healthcare to an institutional-grade Bitcoin treasury play
• Massive elevate: Secured $540M by way of PIPE financing, with an extra $200M convertible notice deal anticipated to shut as quickly as in the present day
• Daring goal: Aiming to build up 1 million BTC in treasury

And in the event that they’re in a position to pull that off, they may possible grow to be the most important BTC holder on the planet (Saylor and Technique have ~629,000 BTC).

The market has cherished the merger information, with NAKE up 100% on the week to $15.

🗣️ What They’re Saying

“Since I began my journey in Bitcoin 13 years in the past, I’ve all the time believed Bitcoin would grow to be essentially the most beneficial asset in human historical past”

“Honored to formally be part of KindlyMD as CEO and Chairman. Thanks for approaching this journey with me- collectively we’ll rebuild the world on the bitcoin commonplace. One Nakamoto = A million Bitcoin” – David Bailey, CEO of Nakamoto

🧠 Why It Issues

This “nice Bitcoin arms race” has seemingly slowed as of late, or maybe isn’t catching as a lot consideration.

That’s possible as a result of the “nice ETH arms race” has stolen the headlines, with Tom Lee (BMNR) and Joe Lubin (SBET) racing to purchase ETH at a a lot sooner tempo than Saylor purchased Bitcoin.

And ETH within the highlight has had its impacts.

The ETH ETFs have outpaced the BTC ETFs 11-1 over the previous 15 periods ($3.43B for ETH vs $2987M).

However headlines like this out of Nakamoto will possible convey some consideration again to Bitcoin. And nothing provides extra consideration than new ATHs, which Nakamoto’s $740M in purchase strain ought to assist drive in the direction of.

Then the race will change to the “nice BTC and ETH arms race,” benefitting holders much more (and there is hypothesis that SOL could enter that race right here too).

Let that race start…

🌎 Macro Crypto and Memes

A number of Crypto and Web3 headlines that caught my eye:

• Crypto majors have been crimson on the day;BTC -2% at $119,100, ETH -2% at $4,630, XRP -3% at $3.10, SOL -4% at $194
• AERO (+7%), LEO (+4%), PENDLE (+2%) and HYPE (+2%) led prime movers
• The ETH ETFs noticed $639.6M in web inflows on Thursday, the 4th largest day on report; ETH ETFs have now outpaced BTC ETFs $3.37B to $965M over the previous 5 periods
• Scott Bessent stated that the US wouldn’t purchase any Bitcoin for its Strategic Reserve, although he later walked again the feedback and famous the US will discover budget-neutral methods to accumulate extra Bitcoin
• Citigroup is contemplating providing crypto custody companies, targeted on stablecoins and people digital property tied to ETFs (BTC, ETH)
• Google took an 8% stake in Bitcoin miner TeraWulf, resulting in TeraWulf inventory hovering
• Crypto undertaking funding exceeded $6 B in July, largely pushed by Digital Asset Treasury (DAT) firms elevating post-IPO capital
• Dinari International introduced the launch of Dinari Monetary Networks, ‘an omni-chain orderbook and L1 community” for tokenized equities, on Avalanche

In Company Treasuries

• David Bailey’s Nakamoto closed its merger with KindlyMD to launch their Bitcoin TreasuryCo, having raised $540M already and with plans to lift $200M tomorrow

In Memes

• Memecoin leaders are very crimson on the day; DOGE -3%, Shiba -5%, PEPE -6%, PENGU -6%, BONK -7%, TRUMP -3%, SPX -9%, and FARTCOIN -7%
• CRIME (+14x), AOL (+180%) and littleguy (+200%) have been notable prime movers; nub +28% and continues to rally
• Gentle debuted its new launchpad in a single day (LIGHT +1% at $48M fdv)

💰 Token, Airdrop & Protocol Tracker

This is a rundown of main token, protocol and airdrop information from the day:

🤖 AI x Crypto

Part devoted to headlines within the AI sector of crypto:

• Total market cap down 1% to $13.3B, leaders have been crimson
• FARTCOIN (-7%), VIRTUAL (-6%), TIBBIR (-4%), ai16z (-10%) & AIXBT (-7%)
• BUZZ (+12%) and HEU (+10%) led prime movers

🚚 What is occurring in NFTs?

Right here is the listing of different notable headlines from the day in NFTs:

• ETH NFT leaders have been blended; Punks -2% at 49.5 ETH, Pudgy +1% at 13.7, BAYC -6% at 11.9 ETH
• MetaWinners (+47%) and Terraforms (+16%) have been notable prime movers
• An EtherRock offered for 135 ETH ($606,000)
• Summary NFTs have been largely inexperienced, led by Bearish (+34%) and Dreamilio (+10%)
• Snowfro’s ‘LIFT’ auctions started yesterday and can finish in the present day at Midday ET, with the highest 1,000 bids successful NFTs