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 the purchase — is valued at approximately $107.3 million and is expected to close in the first quarter of 2026, according to a Tuesday press release.
BTC Inc operates several high-profile Bitcoin media properties, including Bitcoin Magazine, The Bitcoin Conference, and the enterprise-focused Bitcoin for Corporations program. UTXO, meanwhile, advises 210k Capital, a hedge fund allocating capital across public and private bitcoin-related markets.
“We intend to operate a portfolio of businesses in media, asset management and advisory services that can scale with the long-term growth of Bitcoin,” said David Bailey, CEO of Nakamoto. “This transaction represents the first step in the business we intend to build, and we are just getting started.”
The transaction raised eyebrows among some market observers due to the steep discount between the initial price and current execution. One user on
Bailey, who also runs BTC Inc, plays a central role in all three companies involved, making it a related-party transaction. A special committee of independent directors approved the deal with input from external legal and financial advisors.
NAKA shares are flat on Tuesday, trading at just $0.30 compared to around $2.00 before converting to a Bitcoin cash strategy (when the company was called Kindly MD).
