Nakamoto

What Nakamoto does

Nakamoto Inc. (NASDAQ: NAKA) is a publicly traded Bitcoin operating company headquartered in Nashville, Tennessee, organized around three integrated business verticals: Media & Information Services, Financial & Asset Management Services, and Advisory & Consulting Services. The Media vertical is operated through wholly owned subsidiary BTC Inc., which runs 27 media brands including Bitcoin Magazine (the longest-running Bitcoin publication, since May 2012), The Bitcoin Conference (the largest global Bitcoin event series with approximately 67,000 attendees in 2025), and the Bitcoin for Corporations membership platform with 40+ member companies anchored by a 5-year brand partnership with Strategy Inc. The Asset Management vertical is operated through UTXO Management GP, LLC, a Bitcoin-native investment adviser managing approximately $109.5 million in AUM across vehicles including the 210k Capital LP hedge fund and the newly launched UTXO Preferred Income Strategies LP. The Advisory vertical provides consulting on capital formation, regulation, and scale to Bitcoin-native and adjacent companies.

The company's core technology architecture combines a Bitcoin-denominated balance sheet (5,398 BTC as of November 2025 at a weighted average of $118,204.88, valued at approximately $286.7 million as of June 2026) with a Q1 2026-launched actively managed Bitcoin Derivatives Program. The derivatives program uses covered calls, call spreads, protective puts, and put spreads executed through a separately managed account managed by Bitwise Asset Management, with Kraken providing qualified custody for the Bitcoin collateral and derivatives venue services. The company monetizes through recurring subscription and membership fees (BTC Inc media and BFC), event ticket and sponsorship sales, asset management fees on UTXO vehicles, advisory retainers, and usage-based derivatives premium income.

Nakamoto's revenue model combines subscription/recurring streams (BTC Inc ~$65.3M and UTXO ~$18.2M for the 12-month period ending September 2025, totaling ~$80.5M) with usage-based derivatives income and professional-services advisory fees. The company was formed through the August 2025 merger of KindlyMD, Inc. with Nakamoto Holdings Inc. (raising $540M PIPE + $200M convertible notes), rebranded from KindlyMD to Nakamoto Inc. in January 2026, acquired BTC Inc and UTXO Management in February 2026 for ~$81.6M in stock, completed a 1-for-40 reverse stock split in May 2026, and wound down its legacy healthcare clinics in June 2026 to complete its transition to a pure-play Bitcoin operating company.

Name

Nakamoto

Legal name

Nakamoto, Inc.

Website

https://nakamoto.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Nakamoto Inc. (NASDAQ: NAKA) is a publicly traded Bitcoin operating company that combines Bitcoin media (BTC Inc, Bitcoin Magazine, The Bitcoin Conference), asset management (UTXO Management, ~$109.5M AUM), and advisory services to corporate Bitcoin treasury companies, anchored by a 5,398 BTC treasury.

Ownership category

akta.pro rank

Product category

Bitcoin Financial Services

NAICS

Miscellaneous Financial Investment Activities (523999), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Vehicles (525990)

SIC

Investment Advice (6282), Finance Services (6199), Asset-Backed Securities (6189)

akta.pro primary industry

Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

akta.pro secondary industries

Index-Tracking Funds, ETPs & Structured Index Products (Crypto) (FSADAHAC), Structured Products & Notes (Yield/Principal-Linked) (FSADAGAD), Collateral Management & Margining (FSADAJAF)

Keywords

• Bitcoin media services
• Bitcoin asset management
• Corporate Bitcoin advisory
• Bitcoin treasury management
• Bitcoin event organization

Headquarters

HQ city

Murray

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Media and Information Services: Revenue generated through BTC Inc operations including Bitcoin Magazine subscriptions and advertising, event ticket sales and sponsorships for The Bitcoin Conference series, and Bitcoin for Corporations membership fees. BTC Inc generated approximately $65.3 million in revenue for the 12-month period ending September 2025.
2. Asset Management Fees: Management fees from UTXO Management's adviser role to 210k Capital LP hedge fund and other investment vehicles. UTXO generated approximately $18.2 million in revenue for the 12-month period ending September 2025.
3. Derivatives Income: Volatility income generated through covered call and put spread strategies using Bitcoin holdings as collateral. Income sleeve writes covered calls and call spreads to collect premium; hedging sleeve purchases protective puts for downside protection.
4. Advisory and Consulting Services: Consulting and advisory services provided to Bitcoin-native and adjacent companies on capital formation, regulation, and scaling. Designed to generate recurring revenue streams.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Nakamoto Inc. operates an integrated Bitcoin company structured around three verticals: (1) Media & Information Services through subsidiary BTC Inc (Bitcoin Magazine subscription media, The Bitcoin Conference series, and Bitcoin for Corporations membership platform); (2) Financial & Asset Management Services through subsidiary UTXO Management, advising 210k Capital LP hedge fund and structured products like UTXO Preferred Income Strategies LP; and (3) Advisory & Consulting Services to Bitcoin-native and adjacent companies on capital formation, regulation, and scaling. The company's Bitcoin-denominated balance sheet is reinforced by a Bitcoin derivatives program using covered calls and protective puts to generate volatility income.

Product overview

Nakamoto Inc. is structured as an integrated Bitcoin company organized into three business verticals: Media & Information Services, Financial & Asset Management Services, and Advisory & Consulting Services. The company operates through wholly owned subsidiaries BTC Inc. (media and events) and UTXO Management (asset management), along with subsidiary funds like 210k Capital, LP. Key products include Bitcoin Magazine, The Bitcoin Conference, and Bitcoin for Corporations under BTC Inc., plus the recently launched Bitcoin Derivatives Program and BM TV. The company maintains a Bitcoin-denominated balance sheet with approximately 4,467 BTC as of June 2026.

Differentiator

Problem solved

Functional benefit

Brands

• BTC Inc: Leading Bitcoin media and events company operating 27 media brands, Bitcoin Magazine, The Bitcoin Conference, and Bitcoin for Corporations
• UTXO Management
• The Bitcoin Conference
• Bitcoin Magazine
• Bitcoin for Corporations
• BM TV

Products and services

• Bitcoin Magazine The longest-running source of Bitcoin news, information, and expert commentary, first published in May 2012 as part of BTC Inc's portfolio of 27 media brands. Subscription media targeting Bitcoin enthusiasts, retail investors, and institutional readers globally.
• The Bitcoin Conference

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature2 records

Partnerships

Ten partnerships are on record, tiered strategic, core and minor.

• UTXO Preferred Income Strategies LPstrategicOthers · 25 April 2026New dual-class structured income fund targeting digital credit preferred securities. First structured credit product from UTXO Management extending platform into institutionally serviced income vehicles.
• Bitwise Asset ManagementcoreTechnology or Integration · 24 April 2026Bitwise Asset Management serves as the separately managed account (SMA) manager for Nakamoto's Bitcoin derivatives program. Manages covered calls, call spreads, protective puts, and put spreads against Nakamoto's Bitcoin holdings to generate volatility income and hedge downside exposure.
• KrakencoreTechnology or Integration · 24 April 2026Kraken provides qualified custody solution for Bitcoin holdings used as collateral for derivatives strategies. Also serves as financing partner with Payward Interactive (Kraken) providing USDT loans. Extended approximately 105 million USDT principal to June 2027 at 7.75% interest rate.
• BTC InccoreStrategic or Co-development Partner · 20 February 2026Completed acquisition of BTC Inc as wholly owned subsidiary. World's largest Bitcoin media company operating Bitcoin Magazine, The Bitcoin Conference, and Bitcoin for Corporations. Acquisition valued at approximately $81.6 million in Nakamoto common stock.
• UTXO Management GP, LLCcoreStrategic or Co-development Partner · 20 February 2026Completed acquisition of UTXO Management as wholly owned subsidiary. Bitcoin-focused investment adviser managing 210k Capital LP hedge fund and other investment vehicles. Acquisition valued at approximately $81.6 million in Nakamoto common stock.
• Strategy Inc.strategicGTM or Marketing Partner · 17 February 20265-year brand partnership with Strategy Inc. (formerly MicroStrategy) for hosting networking events and educational content through Bitcoin for Corporations platform.
• AntalphastrategicStrategic or Co-development Partner · 7 October 2025Strategic partnership with Antalpha (NASDAQ: ANTA) to develop innovative financing tools for Bitcoin treasury companies. Intent to establish $250 million convertible debt facility. Partnership includes non-binding LOI for secured convertible notes and interim Bitcoin-backed loan.
• Metaplanet Inc.strategicStrategic or Co-development Partner · 9 September 2025$30 million strategic investment in Metaplanet, Japan's leading Bitcoin treasury company (TSE: 3350). Investment made through Nakamoto subsidiary. Later reduced at loss during Q1 2026.
• Treasury BVminorStrategic or Co-development Partner · 3 September 2025$15 million investment in Treasury BV, a Bitcoin treasury company based in the Netherlands. Marked Nakamoto's first investment in a foreign publicly listed Bitcoin company.
• Anchorage DigitalstrategicTechnology or Integration · 21 May 2025Strategic partnership involving custody and trading services for Bitcoin treasury operations in connection with Nakamoto merger. Anchorage Digital provides institutional-grade custody infrastructure.

Scale indicators13 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Strategy Inc. (MicroStrategy): The original and largest corporate Bitcoin treasury company and Nakamoto's marquee 5-year BFC brand partner. Both hold Bitcoin as primary treasury reserve and pursue Bitcoin-denominated capital strategies; Strategy is the gravitational center of the ecosystem Nakamoto is building services around.
• Metaplanet Inc. Japan's leading Bitcoin treasury company (TSE: 3350) and a recipient of a $30M strategic investment from Nakamoto. Operates a similar corporate Bitcoin accumulation model in Asia and is a direct comp for cross-border Bitcoin treasury strategy execution.
• Twenty One Capital: Bitcoin-native capital company backed by Cantor Fitzgerald, Tether, and SoftBank pursuing a similar public-company Bitcoin treasury model. Direct competitor for the corporate Bitcoin adoption wave that Nakamoto's BFC platform is built to serve.

Broad incumbents

• Galaxy Digital: Established crypto-focused financial services firm spanning asset management, trading, and advisory. Comparable to UTXO Management's investment vehicle offering and Nakamoto's broader media/advisory flywheel, but at materially larger AUM scale and broader product breadth.
• Coinbase Global: Leading publicly traded crypto financial infrastructure and trading platform. Overlaps with Nakamoto on custody (Kraken-adjacent), exchange-listed crypto products, and institutional Bitcoin services, though Coinbase is a much broader consumer and institutional venue.
• Marathon Digital Holdings: Public Bitcoin miner and large-scale BTC holder that has pursued treasury-driven strategies. Comparable as a public-market vehicle with significant Bitcoin holdings and a need for capital markets, advisory, and media engagement similar to Nakamoto.
• Riot Platforms: Large public Bitcoin miner and holder building Bitcoin-denominated treasury and infrastructure strategies. Comparable in being a public company with material Bitcoin holdings and a similar investor base evaluating treasury and operating performance.

Emerging players

• Bitwise Asset Management: Bitcoin-focused asset manager that runs Nakamoto's derivatives SMA and is a key operational partner. Comparable to UTXO Management in product category (Bitcoin-native asset management, ETPs, separately managed accounts) and a potential future competitor or acquirer of similar mandates.
• Anchorage Digital: Federally chartered crypto custodian providing institutional custody infrastructure for Nakamoto. Overlaps in serving institutional Bitcoin treasuries, and is a direct counterpart in the custody stack Nakamoto depends on.
• CoinShares: European crypto asset manager offering ETP products and institutional-grade investment vehicles. Closely comparable to UTXO Management in providing Bitcoin-native asset management services, though at a more established scale and broader product set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/KindlyMD

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds6 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nakamoto