Nakamoto Inc. (formerly KindlyMD)
NAKA · NasdaqTreasury vehicleHighUnited States
BTC held
4,467
as of Jun 30, 2026 · 0.021% of 21M
Value now
$343M
at BTC $76,880
Basic mNAV
0.39×
mkt cap $133M as of Aug 28, 2026
Sats per share
24,969
17.9M shares as of Jun 30, 2026
Cost basis
- Average cost per BTC
- $118,248
- Total invested
- $528M
- Unrealized gain
- $-185M (-35%)
Treasury debt
- Senior secured convertible note issued Aug 15, 2025 to YA II PN (Yorkville) to buy bitcoin; initial conversion price $2.80 (pre-split). Effectively extinguished via conversion to equity by mid-2026 — the 10-Q shows no convertible debt outstanding at Jun 30, 2026 — at the cost of massive dilution (shares ballooned from ~230M to ~696M pre-split). Effectively extinguished via conversion; Q2 2026 10-Q shows no convertible debt outstanding. · 0.00% years 1-2, 6.00% year 3$200M · retired
- Kraken (Payward) USDT loan tranche 1 (60M USDT) under the June 5, 2026 restructuring, secured by pledged BTC. · 7.75% per annum loan fee$60M · due 2026-12-04
- Kraken (Payward) USDT loan tranche 2 (105M USDT) under the June 5, 2026 restructuring, secured by pledged BTC. · 7.75% per annum loan fee$105M · due 2027-06-30
Recent activity
Has been a net seller in 2026: sold 284 BTC for ~$20M (avg ~$70,422) in late March and ~600 BTC for ~$48M in June to repay a $45M Kraken loan, refinancing the remaining 165M USDT at a 7.75% fee, ending Q2 with 4,467 BTC ($261.5M fair value, $528.2M cost). It also completed the ~$107M all-stock acquisition of BTC Inc and UTXO Management in February 2026 and authorized a $25M buyback.
Risk notes
Down more than 99% from its May 2025 peak (~$34 pre-split), forcing a 1-for-40 reverse split on May 22, 2026 to hold Nasdaq listing; average BTC cost (~$118K) is roughly double the mid-2026 price, 3,805 of 4,467 BTC are pledged to Kraken against loans maturing Dec 2026/Jun 2027 (only ~662 BTC unencumbered), and the Yorkville note conversion drove extreme dilution. Q2 2026 net loss was $133M including goodwill impairments.
Sources
- https://www.sec.gov/Archives/edgar/data/1946573/000149315226037603/form10-q.htm
- https://bitcointreasuries.net/public-companies/nakamoto
- https://www.coingecko.com/en/treasuries/companies/kindlymd
- https://nakamoto.com/update/kindlymd-closes-200-million-convertible-note-offering
- https://www.coindesk.com/markets/2026/03/31/david-bailey-s-nakamoto-sells-roughly-5-of-its-bitcoin-holdings-offloading-284-btc
- https://cryptobriefing.com/nakamoto-sells-600-btc-q2-holdings/
- https://nakamoto.com/updates/nakamoto-announces-1-for-40-reverse-stock-split
- https://stockanalysis.com/stocks/NAKA/
- https://bitcointreasuries.net/public-companies/kindlymd-inc
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding NAKA securities.