Nakamoto Inc. (NASDAQ: NAKA) is a multi-segment company that holds Bitcoin as a primary treasury asset while operating media and information services, asset management, and healthcare businesses. The company generates revenue across these three operating segments alongside gains and losses tied to its Bitcoin holdings. As of December 31, 2025, Nakamoto held approximately 1,625 unencumbered Bitcoin valued at approximately $142.2 million, based on a Bitcoin price of $87,519 on that date. The company is headquartered in Nashville, Tennessee, and its healthcare operations run through Kindly LLC, a Utah-based clinical operation focused on value-based care, including treatment of mental health and substance use disorders. Nakamoto has reported significant operating losses and disclosed a material weakness in internal controls over financial reporting as of its 10-K filed March 30, 2026. The company raised approximately $518 million in net cash through PIPE financings in connection with the Nakamoto Merger completed August 14, 2025.

Revenue model

Revenue comes from three operating segments: media and information services, asset management (fee-based, tied to assets under management), and healthcare services (Kindly LLC). Bitcoin holdings generate unrealized and realized gains or losses rather than recurring cash revenue. In March 2026, the company sold approximately 284 Bitcoin for $20 million to fund operations and merger-related costs.

Products and services

Bitcoin treasury holdings; media and information services; registered investment adviser asset management services; healthcare and behavioral health clinical services through Kindly LLC, including treatment of mental health and chemical dependency disorders.

Customers and end markets

Asset management clients subject to SEC-regulated advisory relationships; healthcare patients treated for mental health and substance use disorders at clinics in Murray, Utah; media and information services audience. No specific customer concentration data disclosed in the excerpts.

Value-chain role

Nakamoto acts as a Bitcoin treasury holder, a registered investment adviser managing client assets under management, a media and information services operator, and a direct healthcare services provider through owned and leased clinical locations.

Geographic exposure

Primarily United States. Principal executive offices in Nashville, Tennessee. Healthcare operations in Murray, Utah. No international operations disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-30

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