as of 10-19-2026 3:57pm EST
Nakamoto Inc is a Bitcoin company building a world-wide portfolio of Bitcoin-native companies to provide commercial and financial infrastructure for the next generation of capital markets. The firm has two principal business segments: Bitcoin Operations, which houses its Bitcoin treasury and is utilized to support investments in other Bitcoin-related companies; Healthcare Operations, which provides a patient-focused healthcare experience that provides patients personalized solutions in order to reduce opioid use and improve health outcomes. The company generates the majority of its revenue from the Healthcare Operations.
| Founded: | 2019 | Country: | United States |
| Employees: | N/A | City: | NASHVILLE |
| Market Cap: | 152.1M | IPO Year: | 2023 |
| Target Price: | $13.33 | AVG Volume (30 days): | 185.4K |
| Analyst Decision: | Strong Buy | Number of Analysts: | 3 |
| Dividend Yield: | N/A | Dividend Payout Frequency: | N/A |
| EPS: | -20.69 | EPS Growth: | 61.19 |
| 52 Week Low/High: | $3.33 - $840.00 | Next Earning Date: | 11-18-2026 |
| Revenue: | N/A | Revenue Growth: | N/A |
| Revenue Growth (this year): | 3833.87% | Revenue Growth (next year): | -8.47% |
| P/E Ratio: | -0.34 | Index: | N/A |
| Free Cash Flow: | -23524792.0 | FCF Growth: | N/A |
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Chief Executive Officer
Avg Cost/Share
$6.27
Shares
4,852
Total Value
$30,409.91
Owned After
3,185,246
SEC Form 4
Chief Executive Officer
Avg Cost/Share
$5.59
Shares
32,133
Total Value
$179,579.94
Owned After
3,185,246
SEC Form 4
Chief Executive Officer
Avg Cost/Share
$5.12
Shares
4,918
Total Value
$25,161.11
Owned After
3,185,246
| Insider | Ticker | Relationship | Date | Transaction | Avg Cost | Shares | Total Value | Owned After | SEC Forms |
|---|---|---|---|---|---|---|---|---|---|
| Bailey David F | NAKA | Chief Executive Officer | Aug 20, 2026 | Buy | $6.27 | 4,852 | $30,409.91 | 3,185,246 | |
| Bailey David F | NAKA | Chief Executive Officer | Aug 19, 2026 | Buy | $5.59 | 32,133 | $179,579.94 | 3,185,246 | |
| Bailey David F | NAKA | Chief Executive Officer | Aug 18, 2026 | Buy | $5.12 | 4,918 | $25,161.11 | 3,185,246 |
SEC 8-K filings with transcript text
Aug 14, 2026
2 ex99-1.htm
Exhibit 99.1
Nakamoto Reports Second Quarter 2026
Financial and Operating Results
First Full Quarter as an Integrated Bitcoin Company Highlights Early Execution, Product Innovation, and Growing Institutional Engagement
Tenn. – August 13, 2026: Nakamoto Inc. (NASDAQ: NAKA) (“Nakamoto” or the “Company”), a Bitcoin
company that owns and operates a portfolio of Bitcoin-native enterprises, today announced its financial and operating results for the second quarter ended June 30, 2026.
“This was Nakamoto’s first full quarter operating as a combined company, with our media, asset management, and advisory businesses working together,” said David Bailey, Chairman and Chief Executive Officer of Nakamoto. “While our GAAP results reflect significant non-cash charges from goodwill impairment and the decline in Bitcoin’s price, this quarter we delivered the first positive adjusted operating income since Nakamoto became a Bitcoin operating company. We hosted the largest Bitcoin gathering in the world, guided the 210k Capital Fund to complete the first cleared Bitcoin Depositary Receipt trade through prime brokerage and DTCC settlement, and strengthened our capital structure by reducing debt by approximately $45 million. Nakamoto enters the second half with a stronger balance sheet, a focused strategy, and businesses built to lead the Bitcoin economy.”
Q2 2026 Financial Highlights
●Reported total operating revenue of $35.9 million, including:
○$25.6 million from Media & Information Services and Asset Management businesses
○$10.4 million from Bitcoin treasury and derivatives strategy
●Reported operating loss of $149.1 million, primarily driven by:
○$105.2 million of non-cash goodwill impairment charges
○The goodwill impairment is a non-cash charge reflecting a lower valuation of the acquired businesses amid the broader digital asset market decline. Even after this adjustment, the carrying value of the acquired businesses remains approximately in line with the consideration paid at acquisition.
○$48.7 million of mark-to-market losses on our digital assets primarily associated with Bitcoin
●Reported adjusted operating income of $7.3 million, primarily driven by:
○$10.4 million from Bitcoin derivatives revenue
○$3.6 million of adjusted operating income from Media & Information Services related to the success of the Bitcoin 2026 flagship conference (“Bitcoin 2026”)
●Reported net loss of $133.0 million, or $6.65 per diluted share, due primarily to non-cash goodwill impairment and mark to market losses on digital assets
●Reduced outstanding debt by approximately 45 million USDT and extended approximately 105 million USDT of principal to June 30, 2027 under the Company’s refinanced loan terms
●Held 4,467 Bitcoin as of June 30, 2026, with an aggregate fair value of approximately $261.5 million at quarter-end
Q2 2026 Operational Highlights
●Nakamoto:
○Completed the closure of the Company’s legacy healthcare clinics on June 19, 2026, marking Nakamoto’s full transition into a Bitcoin operating company
○Reduced outstanding debt by approximately $45 million, and extended a portion of our loan to June 30, 2027
○Authorized a share repurchase program of up to $25 million, reflecting the Board’s confidence in the Company’s intrinsic value and long-term growth prospects
○Appointed Chief Investment Officer, Tyler Evans, to Nakamoto’s Board of Directors (“Board”), further strengthening the Board’s expertise in Bitcoin-native capital markets, asset management, and strategic capital allocation
Management GP, LLC (“UTXO”):
○Formed UTXO Preferred Income Strategies LP, UTXO’s first structured credit product, establishing a flexible institutional fund structure that expands the firm’s product capabilities and provides foundational infrastructure for the development of additional investment products
○As investment manager, UTXO guided the 210k Capital Fund to complete the first cleared Bitcoin Depositary Receipt trade through traditional prime brokerage and DTCC settlement infrastructure, marking a historic milestone in integrating Bitcoin investment products into established financial markets and demonstrating UTXO’s ability to develop innovative institutional structures
○UTXO’s actively managed Bitcoin fund, 210k Capital, generated a loss of 5% on assets under management during the quarter, compared with a 14% decline for Bitcoin over the same period, demonstrating the fund’s ability to preserve capital and outperform the underlying asset during a volatile market environment
Inc.
○Bitcoin 2026 generated total revenue of $22.6 million. The Company notes that conference revenue has historically tracked the Bitcoin market cycle; the Company believes the appropriate benchmark is the Bitcoin 2023 flagship conference (“Bitcoin 2023”) which earned revenue of $13.1 million. Bitcoin 2023 was the last conference held during a comparable drawdown, when Bitcoin was trading at app
May 13, 2026
2 ex99-1.htm
Exhibit 99.1
Nakamoto Reports First Quarter 2026 Results
Completed Creation of Bitcoin Operating Company with February Acquisitions of BTC Inc and UTXO Management
Tenn. – May 13, 2026 – Nakamoto Inc. (NASDAQ: NAKA) (“Nakamoto” or the “Company”), today
announced its results for the first quarter ended March 31, 2026.
Q1 Operational & Financial Highlights
●Completion of the acquisitions of BTC Inc. and UTXO Management GP, LLC (“UTXO Management”) on February 20, 2026, establishing Nakamoto’s foundational operating businesses across media, asset management, and advisory.
●Launched an actively managed Bitcoin derivatives strategy designed to generate yield on treasury assets and enhance capital efficiency while managing downside exposure.
●Reported total operating revenue of $2.7 million, including:
○$1.6 million from operating businesses.
○$1.1 million from Bitcoin treasury and derivatives strategy.
●Reported a net loss of $238.8 million, primarily driven by non-cash and transaction-related items, including:
○$102.5 million mark-to-market loss resulting from the decline in Bitcoin price during the quarter.
○$107.7 million non-cash reduction in the cumulative gain from the Company’s pre-acquisition call option.
○Approximately $8.0 million of transaction-related and integration related costs.
●Held more than 5,000 Bitcoin as of March 31, 2026, with an aggregate fair value of approximately $345 million at quarter-end.
“The first quarter marked a transformational period for Nakamoto as we formally transitioned into a Bitcoin operating company,” said David Bailey, Chief Executive Officer of Nakamoto. “During the quarter, we completed the acquisitions of BTC Inc. and UTXO Management and began integrating the foundational businesses we believe position Nakamoto for long-term growth across the Bitcoin ecosystem. While our reported results reflect only a partial quarter of contribution from these businesses, as well as softer Bitcoin pricing during the period, we remain highly confident in the long-term earnings power of the company we are building. Our focus for the remainder of 2026 is execution — scaling our operating businesses, expanding revenue opportunities, and continuing to build durable shareholder value through disciplined capital allocation and long-term conviction in Bitcoin.”
Financial Summary
$ in thousands For the Quarter Ended March 31,
2026 2025
Total operating revenues $2,678 $580
Operating loss (GAAP) $(126,170) $(1,042)
Adjusted operating loss (non-GAAP) $(7,770) $(1,024)
First Quarter 2026 Financial Highlights
Media & Information Services:
●Revenue of $0.8 million, including $0.5 million from media and $0.4 million from advisory services
●Operating loss of $2.8 million
Results reflect:
●Approximately $0.8 million of amortization of transaction-related intangible assets
●Partial quarter ownership
●No major events during Q1; historically, the businesses have experienced stronger financial performance during quarters with larger scale events
Asset Management:
●Management fee revenue of $0.2 million; no performance fees recognized during this quarter
●Operating loss of $0.5 million
Results reflect:
●Approximately $0.3 million of amortization of transaction-related intangible assets
●Partial quarter ownership
●Lower average assets under management during the period: assets under management totaled approximately $109.5 million as of March 31, 2026
Bitcoin Operations:
●Revenue of $1.1 million generated from the Company’s recently launched Bitcoin treasury and derivatives strategy
●Operating loss of $109.9 million
Results reflect:
●Revenue generated from yield-oriented strategies utilizing the Company’s Bitcoin collateral
●Mark-to-market Bitcoin losses of $102.5 million related to the decline in Bitcoin price from $87,519 as of December 31, 2025, to $68,220 as of March 31, 2026
●Investment losses of $7.9 million related to the mark-to-market decline in the Company’s investment in Metaplanet and loss from our share of Treasury B.V.’s results
Healthcare Operations:
●Revenue of $0.5 million
●Operating loss of $0.6 million
Results reflect:
●Ongoing operating costs associated with legacy healthcare activities as the Company continues its planned wind-down; which is expected to be substantially completed by the end of the second quarter of 2026
Other:
●Primarily reflects corporate overhead and advisory-related services conducted through Nakamoto Advisory
●Operating loss of $12.5 million includes approximately $6.9 million of transaction-related and integration related costs associated with recent acquisitions
The Company has discontinued publishing its supplemental operational dashboard in order to better align external reporting practices with public company reporting timelines.
Liquidity Highlights
During the first quarter of 2026, Nakamoto continued to manage its balance sheet to support ongoing operations and integ
Mar 31, 2026
2 ex99-1.htm
Exhibit 99.1
Nakamoto Reports Fourth Quarter and Full Year 2025 Results; Provides Update on Bitcoin Strategy
Built Scalable Bitcoin Operating Company Combining Treasury, Media, Asset Management and Advisory Capabilities
Tenn. – March 30, 2026: Nakamoto Inc. (NASDAQ: NAKA) (“Nakamoto” or the “Company”), today announced
its financial and operating results for the fourth quarter and full year ended December 31, 2025, along with an update on its Bitcoin strategy and recent developments.
Since launching its Bitcoin strategy in August 2025, Nakamoto has focused on a clear objective: to build a scalable operating company with a Bitcoin treasury as a foundation. Over the past six months, the Company has executed a series of foundational initiatives to position itself as a leading Bitcoin-native company. These efforts have transformed Nakamoto into a vertically integrated operating business with diversified, revenue-generating businesses designed to support long-term growth and compound shareholder value.
Operational Highlights Since Launch of Bitcoin Strategy
●Transformation into a Bitcoin operating company through the merger of Nakamoto Holdings Inc. and KindlyMD Inc, launching our long-term strategy.
●Establishment of a strategic Bitcoin treasury, positioning Bitcoin as a core reserve asset and foundational component of the Company’s capital strategy.
●Completion of the corporate rebrand to Nakamoto Inc., aligning the Company’s identity with its evolution into a Bitcoin-native operating business.
●Expansion beyond a treasury-focused model into a multi-vertical operating business, including:
◌Acquisition of BTC Inc (February 2026), providing a leading media and events company within the Bitcoin ecosystem.
◌Acquisition of UTXO Management (February 2026), adding asset management and capital allocation capabilities across public and private markets.
●Development of an integrated Bitcoin ecosystem, spanning media & information services, asset management & financial services, and advisory & consulting services, designed to generate recurring revenue and support continued growth across the verticals.
●Initiation of the orderly exit of legacy Healthcare Operations, expected to reduce operating losses and streamline Nakamoto’s operating structure.
●Completion of a share repurchase program, purchasing 2,332,206 shares of common stock reflecting management’s confidence in the long-term value of the business.
●Enhancement of executive leadership with the appointment of experienced public company executives, including Teri Gendron as Chief Financial Officer and Treasurer and John Dalton as Chief Accounting Officer and Controller, enhancing the Company’s financial reporting, capital markets capabilities, and operational discipline.
“Nakamoto Holdings entered 2025 with the mandate to launch a public, Bitcoin-native enterprise and executed that vision through the merger with KindlyMD in August 2025,” said David Bailey, Chief Executive Officer of Nakamoto. “Our first year was dedicated to assembling that engine. We established a robust Bitcoin treasury, built a scalable capital strategy, and, with the acquisitions of BTC Inc and UTXO, transitioned into a fully integrated Bitcoin operating business with the scale and infrastructure to drive sustained growth.”
“The next phase of Nakamoto will be defined by execution. We are focused on completing the integration of our acquisitions, driving operating leverage, and scaling our company through expanded products, services, and growth initiatives across each of our verticals. At the same time, we will continue to evaluate high-conviction M&A opportunities that align with our strategy and strengthen our operating capabilities. Our objective is to build a scalable operating company that can allocate capital effectively, adapt to evolving market dynamics, and grow alongside the broader digital asset economy. We remain committed to Bitcoin as a long-term strategic asset and are focused on growing our treasury in a disciplined and capital-efficient manner.”
Strategic Transformation and Bitcoin Operating Company Development
Nakamoto’s execution over the second half of 2025 reflects a strategic shift under the Company’s new leadership team toward the development of a scalable, Bitcoin-native operating business. In the third quarter of 2025, the Company completed a successful fundraising and the merger with Nakamoto Holdings and KindlyMD. In early 2026, the Company rebranded to Nakamoto, signaling the alignment of the public market business with the long-term Bitcoin strategy.
As of February 2026, Nakamoto completed the acquisitions of BTC Inc and UTXO Management. Together, these businesses form an integrated business spanning media, asset management, and advisory services. These verticals are unified in a single operating business with shared infrastructure and governance, designed to generate recurring earnings and support long-term
Nov 19, 2025
2 ex99-1.htm
Exhibit 99.1
KindlyMD Reports Third Quarter 2025
Operational and Financial Results
Completed Merger with Bitcoin Treasury Company Nakamoto
Advanced Mission of Building Leading Bitcoin Ecosystem Through Accumulation of 5,398 Bitcoin in Treasury and Completion of Two Strategic Investments
Salt Lake City, UT, November 19, 2025 – KindlyMD, Inc. (NASDAQ: NAKA) (“KindlyMD” or “the Company”), a provider of integrated healthcare services and a Bitcoin treasury company via its subsidiary Nakamoto Holdings, Inc. (“Nakamoto”), today announced its financial and operating results for the quarter ended September 30, 2025, along with an update on its Bitcoin treasury strategy.
In May 2025, KindlyMD took a major strategic leap when it announced its merger with Nakamoto and subsequently raised approximately $540 million of gross proceeds from a private placement and $200 million in convertible notes to fund the purchase of Bitcoin in furtherance of its treasury strategy. Since then, Nakamoto has successfully advanced its strategy to build a durable Bitcoin-native operating platform by accumulating and holding a significant Bitcoin treasury, allocating a portion of that treasury for strategic investments in Bitcoin-focused public companies and treasury assets, and laying the foundation to acquire recurring-revenue, cash-generating Bitcoin-related businesses that can help fund further Bitcoin accumulation and ecosystem growth.
“We set clear goals—merge our companies, establish a Bitcoin treasury, and begin investing strategically—and we delivered on all three,” said David Bailey, Chairman and CEO. “We’ve executed against every goal put in place this quarter, and created a strong foundation to build a long-term Bitcoin treasury company designed to thrive through every market cycle.”
Q3 2025 Operational Highlights
During the quarter, the Company:
●Completed the merger of Kindly MD, Inc. and Nakamoto, establishing Nakamoto as a wholly owned subsidiary.
●Executed an agreement giving the Company the right to a call option to purchase BTC Inc, a leading Bitcoin-focused media company, which has the right to acquire UTXO Management GP, LLC, a high-conviction Bitcoin focused hedge fund. This agreement creates a clear pathway to add media, advisory and financial services to Nakamoto’s Bitcoin platform.
●Established a $5 billion at-the-market (“ATM”) equity offering program, raising $5.6 million at an average share price of $4.15 per share, and enhancing the Company’s ability to grow its Bitcoin treasury and fund strategic initiatives. This program has only been used when accretive to the Company’s shareholders.
● Appointed Amanda Fabiano as Chief Operating Officer to lead execution of the Company’s strategic roadmap. Formerly Head of Mining at Galaxy and Director of Bitcoin Mining at Fidelity, Mrs. Fabiano brings a decade of experience in Bitcoin finance and capital markets that informs Nakamoto’s strategic M&A and growth initiatives.
●Closed two investments in Bitcoin-treasury companies: a $15 million investment in Treasury BV (“Treasury”), a Bitcoin treasury company based in the Netherlands, which marks the Company’s first investment in a foreign publicly listed Bitcoin company; and a $30 million investment in the Japanese leading Bitcoin-treasury company, Metaplanet Inc. (TSE: 3350).
As of September 30, 2025, the Company had purchased a cumulative amount of 5,765 Bitcoin at a weighted average price of $118,204.88 per Bitcoin for approximately $681 million. KindlyMD has utilized 367 Bitcoin for strategic investments and held 5,398 Bitcoin as of November 12, 2025.
“We believe every enduring enterprise must grow, invest, earn, and save—and we’re applying the same fundamentals through the lens of Bitcoin,” said Tyler Evans, CIO. “Our Bitcoin treasury isn’t a passive reserve. It’s a strategic tool. By selectively investing in and acquiring companies that strengthen the broader Bitcoin ecosystem and support our operating goals, we aim to compound long-term shareholder value while reinforcing the foundation of our business. As we continue to execute our strategy, we will prioritize investments in enterprises that are aligned with our long-term vision.”
Nakamoto allocates a portion of its Bitcoin holdings to strategic investments in Bitcoin focused companies operating in international capital markets. In addition to the two investments made during the quarter, in November 2025, the Company also invested $6 million in FUTURE Holdings AG, a Bitcoin treasury company based in Switzerland.
“Our focus is on disciplined execution—integrating high-quality, cash-generating businesses into a unified Bitcoin operating platform that compounds value over time,” said Amanda Fabiano, Chief Operating Officer. “We believe our investments will expand the scope and resilience of our business, adding operating revenue, talent, and market reach that reinforces the strength of our platform. We are building the fou
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