Nakamoto ( NAKA ) has signed definitive agreements to acquire media and events company BTC Inc and asset management firm UTXO Management.
The total share transaction is – NAKA will issue 363. million shares for the purchase – is valued at approximately 107.3 million dollars and is expected to close in the first quarter of 2026, according to a press release on Tuesday.
BTC Inc operates several high-profile bitcoin media properties, including Bitcoin Magazine, The Bitcoin Conference, and the corporate-focused Bitcoin for Corporations program. UTXO, meanwhile, advises 210k Capital, a hedge fund that allocates capital to bitcoin-related public and private markets.
“We intend to operate a portfolio of businesses across media, asset management and advisory services that can scale with Bitcoin’s long-term growth,” said David Bailey, CEO of Nakamoto. “This transaction is the first step in the business we intend to build, and we’re just getting started.”
The transaction has raised eyebrows among some market watchers because of the large discount between the original pricing and the current execution. A user on X pointed out that Nakamoto was initially set to pay over $400 million based on the agreed share price of $1.12, but with the stock now trading below 30 cents, the acquisition closes at about $107 million.
Bailey, who also heads BTC Inc, is central to all three companies involved, making this a related party transaction. A special committee of independent directors approved the deal with input from outside legal and financial advisors.
NAKA shares are flat on Tuesday, trading at just $0.30 compared to levels around $2.00 before the conversion to a bitcoin treasury strategy (when the company was named Kindly MD).
