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About Nakamoto
Nakamoto is a Bitcoin-focused operating company that owns and runs a portfolio of Bitcoin-native businesses. Its main operations include media and information services through BTC Inc., which organizes major industry events and publishes Bitcoin Magazine; asset management and financial services through UTXO Management, which offers investment products and strategies; and consulting and advisory services that help companies navigate Bitcoin-related opportunities.
The company's core narrative is vertical integration across the Bitcoin economy—combining media influence, capital deployment, and advisory expertise to create a self-reinforcing ecosystem. It addresses the market's need for trusted information, professional Bitcoin investment vehicles, and strategic guidance for institutions and enterprises entering the space.
In the past six months (February to August 2026), Nakamoto completed its transformation into a pure-play Bitcoin company. It closed its legacy healthcare clinics in June, acquired BTC Inc. and UTXO Management in February, and launched a Bitcoin derivatives strategy to generate yield on its treasury holdings. In Q1 2026, it reported $2.7 million in total operating revenue but a net loss of $238.8 million, largely due to non-cash mark-to-market losses on Bitcoin holdings. In Q2, operating revenue grew to $35.9 million, and adjusted operating income turned positive at $7.3 million, though GAAP net loss remained at $133 million due to goodwill impairment and Bitcoin price declines. The company also reduced debt, extended loan maturities, and introduced new products, including a structured credit fund and a Bitcoin depositary receipt trading through traditional clearing infrastructure.
Negative developments include significant net losses driven by Bitcoin price volatility and non-cash impairments, as well as the closure of its former healthcare operations.
Nakamoto (formerly KindlyMD) pivoted to a Bitcoin treasury company in 2025, marking its transformation from a healthcare firm. Key milestones include: renaming to Nakamoto and disclosing ~5,400 BTC holdings worth over $500 million; acquiring UTXO Management and BTC Inc. for ~$107 million to build a Bitcoin-native media and asset management ecosystem; executing strategic treasury operations such as selling 367 BTC for DAT investments and later 933 BTC wallet transfers; reporting Q1 2026 net loss of ~$239 million including ~$103 million BTC impairment while retaining over $400 million in Bitcoin; repaying $45 million debt by selling ~600 BTC and derivative positions in Q2 2026; achieving first positive adjusted operating income ($7.3 million) in Q2 2026 while holding 4,467 BTC; and completing the closure of legacy healthcare clinics in June 2026, fully transitioning to a pure Bitcoin operating model. These events reflect Nakamoto's evolution into an integrated Bitcoin company spanning media, asset management, and advisory services, with a focus on long-term BTC treasury accumulation and institutional-grade Bitcoin investment products.
Over the past six months, Nakamoto completed its full transformation into a Bitcoin operating company. On February 20, it closed the acquisitions of BTC Inc. and UTXO Management, establishing media, asset management, and advisory businesses; on June 19, it shut down legacy healthcare clinics and launched an actively managed Bitcoin derivatives program (covered calls and protective puts) to monetize volatility and hedge downside. It held more than 5,000 BTC at end of Q2 and generated income from the derivatives program. It strengthened its balance sheet by reducing debt by ~$45 million, extending part of a loan to June 2027, authorizing a $25 million buyback, and appointing CIO Tyler Evans to the board. In asset management, it formed UTXO Preferred Income Strategies LP, its first structured credit product, and guided 210k Capital Fund to complete the first cleared Bitcoin Depositary Receipt trade via prime brokerage and DTCC settlement; the fund outperformed Bitcoin (-5% vs -14%). Official future focus: execute in H2 2026, scale operating businesses and revenue, build shareholder value through disciplined capital allocation and long-term Bitcoin conviction; strengthen balance sheet and Bitcoin ecosystem leadership; recycle derivatives income into Bitcoin treasury and operating costs.
David Bailey (CEO): Co-founded BTC Inc. in 2013, expanding it into Bitcoin Magazine and the Bitcoin Conference. Also co-founder and GP at UTXO Management. Board member of Metaplanet, Smarter Web, Matador, and LX Research. B.S. in Finance from University of Alabama.
Tyler Evans (CIO): Co-founder and CIO of UTXO Management, leading Bitcoin-native capital deployment. Co-founder of BTC Inc. Board member of Metaplanet, Smarter Web, Matador, and LX Research. B.S. in Chemical Engineering from University of Alabama.
Steven Lubka (VP of Investor Relations): Serves as VP of IR at Nakamoto, with prior experience in Bitcoin treasury and investor relations. (Limited public info; details not fully verified.)
Recent team change at Nakamoto: Kevin Zhang, who joined as Head of Asia in August 2025, departed in August 2026. During his tenure, he led the company's Asia operations.