Key Highlights
- Nakamoto (NAKA) is acquiring BTC Inc. and UTXO Management in an all-stock deal valued at about $107.3 million.
- BTC Inc runs Bitcoin media outlets and events, while UTXO manages Bitcoin investments for a hedge fund.
- The acquisition will help Nakamoto grow its Bitcoin-focused businesses, earn recurring revenue, and expand services globally.
Nakamoto (NAKA), formerly KindlyMD, has signed final agreements to acquire BTC Inc, which runs Bitcoin media and events, and UTXO Management, a firm that manages Bitcoin investments.
As per the official announcement, the deal is an all-stock transaction worth about $107.3 million. Nakamoto will give 363.6 million of its own shares to complete the purchase, which is expected to close in the first three months of 2026.
BTC Inc runs several well-known Bitcoin media outlets, including Bitcoin Magazine and The Bitcoin Conference. The company also manages the enterprise-focused program Bitcoin for Corporations, helping businesses adopt Bitcoin as a strategic treasury asset. UTXO Management advises 210k Capital, a hedge fund that invests in public and private Bitcoin markets.
“We intend to operate a portfolio of companies across media, asset management, and advisory services that can scale with Bitcoin’s long-term growth. This transaction signifies the first step of the company we intend to build, and we’re just getting started,” said David Bailey, the CEO of Nakamoto.
Deal adjusted due to stock price drop
Some people have noticed a big difference between the original price and the current cost of the deal. Nakamoto was initially set to pay over $400 million based on a $1.12 share price, but with the stock trading around $0.30, the deal now closes at roughly $107 million.
Because Bailey is involved in all three companies, the deal is considered a related-party transaction. A special committee of independent directors reviewed and approved the deal with advice from outside lawyers and financial experts.
Previous Bitcoin purchases
The acquisition adds BTC Inc and UTXO to Nakamoto’s expanding Bitcoin-focused companies. The company is also investing in Bitcoin.
Last year, the company, while operating as KindlyMD, secured a one-year 210 million USDT loan from Kraken exchange to buy Bitcoin. The agreement of the loan was finalized on December 9 and comes with an annual fee of 8%, maturing on December 4, 2026.
As of November 2025, the company held around 5,389 BTC, which at the current price is worth $362 million. This was shortly after it purchased a total of 5,765 BTC at an average purchase price of $118,204 in September.
Broader context
This new deal is expected to strengthen the company’s balance sheet. BTC Inc is one of the biggest Bitcoin media companies in the crypto space, reaching about 6 million people through its different brands. Its events, which include The Bitcoin Conference, had about 67,000 attendees in 2025.
UTXO, on the other hand, supports companies that are building the Bitcoin economy.
Meanwhile, the company’s stock hasn’t reacted to the news. At the time of writing, NAKA is trading for $0.29, down 1.86% in the last 24 hours, according to Yahoo.
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