Morning Minute: Another $700M+ Bitcoin TreasuryCo Is Born

ETH ETFs continue to see near-record inflows, and Hyperliquid is setting records in volume and fees.

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today's top news:

They’ve got big funds to get started buying, and an even bigger vision.

Utah-based healthcare provider KindlyMD (NASDAQ: NAKA) has completed its merger with Bitcoin-native holding company Nakamoto Holdings.

David Bailey will take helm as CEO, and if you don’t know him, he is the co-founder and CEO of BTC Inc, the company behind Bitcoin Magazine and the annual Bitcoin Conference.

Quick TLDR on the merger:

And if they’re able to pull that off, they will likely become the biggest BTC holder in the world (Saylor and Strategy have ~629,000 BTC).

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

"Since I started my journey in Bitcoin 13 years ago, I've always believed Bitcoin would become the most valuable asset in human history”

“Honored to officially join KindlyMD as CEO and Chairman. Thank you for coming on this journey with me- together we will rebuild the world on the bitcoin standard. One Nakamoto = One million Bitcoin” - David Bailey, CEO of Nakamoto

This “great Bitcoin arms race” has seemingly slowed as of late, or perhaps isn’t catching as much attention.

That’s likely because the “great ETH arms race” has stolen the headlines, with Tom Lee (BMNR) and Joe Lubin (SBET) racing to buy ETH at a much faster pace than Saylor bought Bitcoin.

And ETH in the spotlight has had its impacts.

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

But headlines like this out of Nakamoto will likely bring some attention back to Bitcoin. And nothing gives more attention than new ATHs, which Nakamoto’s $740M in buy pressure should help drive towards.

Then the race will change to the “great BTC and ETH arms race,” benefitting holders even more (and there's speculation that SOL may enter that race here too).

Let that race begin…

A few Crypto and Web3 headlines that caught my eye:

In Corporate Treasuries

In Memes

Here's a rundown of major token, protocol and airdrop news from the day:

Section dedicated to headlines in the AI sector of crypto:

Here is the list of other notable headlines from the day in NFTs:

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