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Nakamoto Inc., a Bitcoin-focused media, asset management and treasury company, reports its first full quarter after transforming from a healthcare business and acquiring BTC Inc and UTXO. For the quarter ended June 30, 2026, total operating revenue was $35.9 million, including $24.1 million from media, $0.9 million from advisory, $0.5 million from asset management, and $10.4 million of Bitcoin derivative revenue.
Operating loss was $149.1 million, driven by a $105.2 million goodwill impairment and a $48.7 million loss on change in fair value of digital assets. Net loss from continuing operations for the first six months was $390.3 million, and total net loss including discontinued healthcare operations was $371.8 million. Digital assets were carried at $261.7 million (4,467 Bitcoin plus stablecoins) versus debt of $164.7 million in USDT loans from Kraken, secured by 3,805 pledged Bitcoin.
Total assets fell to $422.5 million from $730.6 million at year-end 2025, as the fair value of Bitcoin and a previously held BTC Inc call option declined and healthcare operations were wound down. The company now reports three segments—Media & Information Services, Asset Management, and Bitcoin Operations—while legacy healthcare activities are presented as discontinued operations.
Nakamoto Inc. reported that Tim Pickett resigned effective August 3, 2026 from all roles, including director, Chief Medical Officer and Chief Executive Officer of subsidiary Kindly LLC. The company stated his resignation was not due to any disagreement regarding financial reporting, operations, policies or practices.
Under a Separation Agreement and Release, Mr. Pickett is entitled to a lump-sum separation payment of $911,468.58, acceleration of all unvested equity awards under the 2022 and 2025 equity incentive plans, six years of directors’ and officers’ liability coverage and four years of medical professional liability coverage. The agreement includes mutual releases, ongoing confidentiality, reciprocal non-disparagement, and releases him from non-competition and non-solicitation covenants for periods after it becomes effective, following a 21-day consideration and 7-day revocation period.
Nakamoto Inc. disclosed that its Audit Committee dismissed Sadler, Gibb & Associates, LLC as its independent registered public accounting firm on June 17, 2026, and on the same day approved the engagement of Wolf & Company, P.C. as the new auditor for the fiscal year ending December 31, 2026 and related 2026 interim periods.
The company states there were no disagreements with Sadler on accounting principles, financial statement disclosure, or audit scope and procedures, and no reportable events, other than a previously disclosed material weakness in internal control over financial reporting described in its Form 10-K for the year ended December 31, 2025. Sadler’s reports on the 2024 and 2025 financial statements contained no adverse opinions or disclaimers and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
Nakamoto Inc. also notes that it did not consult Wolf in recent years on accounting principles, potential audit opinions, or matters involving disagreements or reportable events before this appointment. Sadler has been asked to provide a letter to the SEC stating whether it agrees with the company’s descriptions of these matters.
Nakamoto Inc. reworked its financing with Kraken and adjusted its Bitcoin-backed debt while authorizing a new share repurchase plan. The company replaced its prior term sheet with a restructured loan of 210,000,000 USDT secured by 4,405 Bitcoin, then sold approximately 600 Bitcoin and derivatives for about $48 million and used $45 million to cut the principal to 165,000,000 USDT.
A new June loan term sheet now governs the 165,000,000 USDT balance, secured solely by Bitcoin in a collateral account, with 60,000,000 USDT maturing on December 4, 2026 and 105,000,000 USDT on June 30, 2027, at a loan fee of 7.75%–8.00% per annum depending on collateral levels. Nakamoto expects these changes to reduce annual financing costs by about $4 million and reports holding roughly 4,467 Bitcoin after the transactions. The board also approved a 2026 share repurchase program of up to $25 million and the company regained compliance with Nasdaq’s minimum $1 bid price rule.
Nakamoto Inc. CEO David Bailey reports beneficial ownership of 3,175,476 shares of common stock, representing 18.25% of the company’s outstanding shares as of May 28, 2026. This percentage is based on 17,402,048 shares outstanding.
Bailey’s stake reflects shares received through multiple merger transactions, a consulting agreement that granted 751,879 restricted stock units, and a 1-for-40 reverse stock split completed on May 22, 2026. He also bought 191,448 shares in open-market purchases between May 26 and May 28, 2026, at prices ranging from $4.68 to $5.79 per share using personal funds.
As Chairman and Chief Executive Officer, Bailey has sole voting and dispositive power over these shares and holds registration rights and prior lock-up arrangements tied to the Nakamoto, UTXO and BTC mergers.
Nakamoto Inc. director and Chief Executive Officer Bailey David F reported open-market purchases of a total of 55,115 shares of Common Stock of Nakamoto Inc. at prices between $5.59 and $5.79 per share. Following these transactions, he directly owns 3,127,476 shares.
Nakamoto Inc. director and CEO Bailey David F reported open-market purchases of a total of 136,333 shares of common stock. The purchases occurred on May 26–27, 2026 at prices between $4.68 and $5.58 per share. Following these transactions, Bailey directly holds 3,120,361 shares of Nakamoto Inc. common stock. A 1-for-40 reverse stock split of the common stock became effective on May 22, 2026, and the reported share amounts reflect this adjustment.
Nakamoto Inc. is implementing a 1-for-40 reverse stock split of its common stock, effective at 12:01 a.m. Eastern Time on May 22, 2026. The move is intended to raise the share price to meet Nasdaq’s $1.00 minimum bid price requirement for continued listing. The split will reduce outstanding common shares from approximately 696.1 million to approximately 17.4 million, without changing authorized shares or par value, and holders will receive cash instead of fractional shares. Related warrants, options and equity awards will be proportionally adjusted. The company also expanded its board from six to seven members and appointed Chief Investment Officer Tyler Evans as a Class II director without additional compensation.
Nakamoto Inc. (Common Stock): Alyeska Investment Group reports 25,612,676 shares beneficially owned (3.71%). The filing states the Reporting Persons exercise shared voting and dispositive power over these shares. The ownership figure is as of March 31, 2026 and the company’s outstanding shares are listed as 690,018,254 per a March 31, 2026 prospectus.
Nakamoto Inc. reported first-quarter 2026 results, with total operating revenue of $2.7 million, up from $0.6 million a year earlier as it began operating its acquired media, asset management, and advisory businesses.
The company recorded a GAAP operating loss of $126.2 million, driven mainly by a $102.5 million mark-to-market loss on Bitcoin as the price fell from $87,519 on December 31, 2025 to $68,220 on March 31, 2026, plus $7.9 million of investment losses. A further $107.7 million non‑operating loss on a related‑party call option brought net loss to $238.8 million, or $(0.38) per share.
On a non‑GAAP basis, Adjusted operating loss was $7.8 million, excluding digital asset fair value changes, investment losses, depreciation, and transaction‑related items. Cash on hand was $35.3 million, and enterprise value was $327 million. Shares outstanding were 690.0 million, with fully diluted shares outstanding of 892.7 million.