Not everyone knows this, but there is a company called Nakamoto.
It is a company that is building a global portfolio of Bitcoin-native businesses.
Yesterday Nakamoto published its first quarterly report for 2026, which closed with a clear loss.
Summary
Nakamoto
The company is named after Satoshi Nakamoto, the famous creator of Bitcoin, but it has nothing to do with him. It only exploits his name.
It is a publicly traded company, listed on Nasdaq, focused on Bitcoin. It operates as a holding company for “Bitcoin-native” businesses.
From a technical point of view, it is building a global portfolio of Bitcoin-native companies, providing commercial and financial infrastructure for capital markets.
Its model is based on Bitcoin, because it accumulates BTC and uses them for acquisitions and growth.
It has three main divisions: Media & Information Services (Bitcoin Magazine, The Bitcoin Conference and others), Financial & Asset Management (UTXO Management), and Advisory & Consulting Services.
It was founded only last year by David Bailey, already well known in the crypto space for also having founded BTC Inc.
Initially Nakamoto was merely a so-called “Bitcoin treasury”, but it has now become a true operating holding company, specifically after acquiring BTC Inc. and UTXO Management in February of this year.
Its goal is to become the leading conglomerate of publicly traded Bitcoin companies in the world.
The loss
The first quarter 2026 results of Nakamoto Inc. were not particularly good.
Against total operating revenues of 2.7 million dollars, they recorded a much larger net loss, amounting to 238.8 million dollars.
However, this loss was mainly caused by the accounting loss of 102.5 million dollars due to the decline in the market value of the BTC they hold in cash, and by the non-cash reduction of 107.7 million related to the pre-acquisition option.
Transaction and integration costs still turned out to be about 8 million dollars.
Revenues instead came from operating activities in media and advisory (1.6 million), and from the Bitcoin treasury derivatives strategy (1.1 million).
The document also states that on 20 February 2026 it completed the acquisition of BTC Inc. and UTXO Management, thus creating the operational foundations in the media, asset management and advisory sectors. It also states that it launched an active strategy based on Bitcoin derivatives to generate yield on the company’s BTC, improve capital efficiency and limit losses.
As of 31 March it held more than 5,000 BTC worth about 345 million dollars, with 35.3 million dollars in available cash, and an enterprise value of 327 million dollars.
According to CEO David Bailey, the first quarter of 2026 was “transformational” because despite the accounting loss (influenced by the price of Bitcoin and one-off costs) and the only partial contribution of the new companies, the firm remains confident in its ability to generate long-term profits thanks to scaling operating activities and disciplined management of Bitcoin capital.
Stock market performance
The Nakamoto (NAKA) stock has been listed on the stock exchange since 2024.
In fact, it was previously called KindlyMD (KDLY), and it went public with an IPO in May 2024.
At the time it was an integrated healthcare services company, but a year later, in May 2025, it merged with Nakamoto Holdings and changed its ticker to NAKA. The merger was completed in August last year, and on 21 January 2026 it officially and definitively changed its corporate name from KindlyMD, Inc. to Nakamoto Inc..
When the merger with Nakamoto was announced, the price of its shares skyrocketed from $4 to $35 in just nine days, although the main jump occurred on the very first day of trading with the new ticker when it immediately rose above $30.
In August 2025, however, the price had already fallen to $6, and at the beginning of September it had already dropped back below $4.
The crashes did not stop there, because by mid-September it had plunged below $1.2, and since then it has practically done nothing but fall.
In October it fell below $1, in December below $0.5, and in February of this year also below $0.3.
In April the price then also fell below $0.2, so that it is now hovering around $0.17.
Practically, the loss accumulated from last year’s all-time highs is almost 99.9%, but even ignoring that sensational speculative bubble, compared to the $4 it was worth before the merger the current loss still turns out to be 95%.
