Nakamoto (NASDAQ: NAKA) reported its full-year 2025 and fourth-quarter results, saying it has completed the acquisitions of BTC Inc and UTXO Management and now operates as an integrated Bitcoin company spanning media, asset management, and advisory services. The company also disclosed that after the reporting date it sold about $20 million of its Bitcoin holdings to establish a U.S. dollar operating reserve.
Acquisitions reshape the company into three operating units
The company said David Bailey led its merger with medical technology firm KindlyMD Inc. in August 2025, a move that launched its Bitcoin strategy. By the end of 2025, the company had renamed itself Nakamoto Inc. In February 2026, it completed two key acquisitions: BTC Inc, the Bitcoin media group behind Bitcoin Magazine and related events, and UTXO Management, a Bitcoin-native asset manager.
With those deals closed, Nakamoto said its structure now rests on three verticals: media and information services, asset management and financial services, and enterprise consulting and advisory. Its legacy medical business is being wound down, with separation expected within two quarters.
$1.82 million in revenue, $197 million operating loss under GAAP
For 2025, Nakamoto posted total revenue of $1.82 million, down from $2.72 million in 2024, as its medical business continued to shrink. Fourth-quarter medical revenue came in at $445,000. Bitcoin operations did not contribute revenue during the period because the business had not yet been commercialized.
On a GAAP basis, the company recorded a full-year operating loss of $197 million. Two non-cash items drove much of that figure: a $142.6 million fair value loss on Bitcoin, tied to a BTC price decline from $114,000 at the end of September to $87,500 at the end of December, and a $10.8 million loss on its Metaplanet investment.
That was partly offset by gains in the fair value of acquisition options, which reached $226.4 million for the full year, including $204.5 million in the fourth quarter. Excluding those non-cash items, adjusted non-GAAP operating loss was about $16.9 million.
Bitcoin sale used to build a dollar reserve
Nakamoto said it has put in place a dollar operating reserve to support near-term needs and repurchased 2,332,206 shares of common stock during the period. After the balance-sheet date, the company sold roughly $20 million in Bitcoin to create what it described as a dedicated U.S. dollar operating reserve.
The reserve is intended to cover strategic initiatives, acquisition integration work, and day-to-day operating expenses, including interest tied to an outstanding loan with Kraken. Management said the move reflects a capital strategy that separates long-term Bitcoin treasury exposure from short-term liquidity needs, allowing the company to preserve core BTC reserves while funding current operations.
Management turns to execution in 2026
Bailey described 2025 as a foundation year in which Nakamoto built its Bitcoin treasury and capital strategy, then added scale and infrastructure through the BTC Inc and UTXO deals. For 2026, the company said execution is the main focus: integrating acquisitions, increasing operating leverage, and expanding products across its business lines to grow revenue.
COO Amanda Fabiano said the company will concentrate on strengthening operating businesses, broadening revenue-generating initiatives, and building infrastructure for a unified Bitcoin company. Nakamoto also said it will keep evaluating high-conviction M&A opportunities and continue accumulating Bitcoin as a core reserve asset.