Nakamoto Inc. (NAKA) closed its last legacy healthcare clinics on June 19, 2026, finishing a pivot to a pure-play Bitcoin operating company. The move ends a transformation that began with a merger in 2025 and a rebranding earlier this year.
From KindlyMD to Nakamoto
The company’s roots trace back to KindlyMD, Inc., a Salt Lake City healthcare provider founded in 2019 as Utah Therapeutic Health Center. On May 12, 2025, KindlyMD agreed to merge with Nakamoto, backed by more than $710 million in financing — roughly $540 million from a PIPE and $200 million in convertible notes. Shareholders approved the deal on May 18, 2025, and it closed on August 14, 2025. The combined entity rebranded as Nakamoto Inc. in January 2026 and started trading on Nasdaq under ticker NAKA.
Now the last clinics are gone. Remaining administrative tasks from the wind-down are expected to wrap up by the end of Q3 2026.
The Bitcoin Business Model
Nakamoto’s new structure has three verticals: media and information services via BTC Inc. (which runs Bitcoin Magazine, The Bitcoin Conference, and Bitcoin for Corporations), asset management and financial services through UTXO Management, and consulting and advisory services. All three are designed to generate recurring revenue independent of Bitcoin’s price. That’s a key distinction from simple Bitcoin holding companies — the goal is to keep operating even if the market dips.
Recent Bitcoin Sales and Debt
In March 2026, the company sold 284 BTC, booking a $166.2 million fair-value loss for fiscal year 2025. Then, in June 2026, it sold roughly 600 BTC and Bitcoin derivatives to repay a debt obligation to Kraken. That pushed remaining loan maturities to 2027. After the June sale, Nakamoto held about 4,467 BTC on its balance sheet.
What’s Next
Chairman and CEO David Bailey said the company is now entirely focused on scaling its Bitcoin businesses and building long-term shareholder value. With the healthcare chapter closed, the next milestone is finishing those administrative details by the end of Q3 2026. No timeline on the next quarterly report, but the pivot is done.
