Nakamoto (NAKA) has signed definitive agreements to acquire media and events company BTC Inc and asset management company UTXO Management.
The all-stock deal (NAKA will issue 363 million shares for purchase) is valued at approximately $107.3 million and is expected to close in the first quarter of 2026, according to a Tuesday news release.
BTC Inc manages several high-profile bitcoin media properties, including Bitcoin Magazine, The Bitcoin Conference, and the company-focused Bitcoin for Corporations program. Meanwhile, UTXO advises 210k Capital, a hedge fund that allocates capital to public and private markets related to bitcoin.
“We intend to operate a portfolio of media, asset management and advisory services companies that can scale with the long-term growth of Bitcoin,” said David Bailey, CEO of Nakamoto. “This transaction represents the first step of the company we intend to build and we are just getting started.”
The transaction has raised eyebrows among some market observers due to the steep discount between the original price and the current execution. An
Bailey, who also runs BTC Inc, is central to all three companies involved, making it a related party transaction. A special committee of independent directors approved the deal with input from outside legal and financial advisors.
NAKA shares are holding steady on Tuesday, trading at just $0.30 versus the roughly $2.00 level before converting to a bitcoin treasury strategy (when the company was called Kindly MD).
