Nakamoto Inc.'s Bitcoin Holdings Lose Majority Value Amid Struggles
Nakamoto Inc., a company that started as a healthcare firm but pivoted to Bitcoin-focused vehicle, has seen its stock price plummet by 99% from its peak in May 2025. The decline translates to approximately $23.6 billion in erased market capitalization.
The company, which emerged from a merger with KindlyMD in August 2024, had raised around $760 million through PIPE financings to acquire about 5,398 BTC at an average cost of roughly $118,000 per coin.
In an attempt to reinvent itself, Nakamoto has turned to acquisitions and diversification under the leadership of David Bailey, a prominent crypto figure and Trump ally. In February 2026, the company completed all-stock acquisitions of BTC Inc. and UTXO Management, deals valued between $80 million and $107 million.
Nakamoto's struggles mirror a broader sell-off across publicly traded Bitcoin treasury firms. The company is now trading below the fair value of its underlying Bitcoin holdings, indicating that the market sees it as worth less as a going concern than its assets would fetch in a liquidation.