Nakamoto Inc. (NASDAQ: NAKA)

Nakamoto Inc. is a Bitcoin focused company that builds a global portfolio of Bitcoin native companies while also operating a healthcare business delivering patient centered medical services. The firm holds Bitcoin on its balance sheet as a treasury reserve asset and uses those holdings to invest in Bitcoin related enterprises across finance, media, advisory and related sectors. Simultaneously, its healthcare division provides personalized solutions aimed at reducing opioid use and improving health outcomes for patients. After acquiring a Bitcoin treasury company and subsequently adding BTC Inc and UTXO, the business transformed into an integrated ecosystem that blends digital asset exposure with traditional healthcare services.

Revenue is generated through several distinct streams. The Bitcoin Operations segment derives income from the appreciation of its Bitcoin holdings, from returns on minority investments in Bitcoin native companies, and from an options writing strategy that involves selling covered calls and cash secured puts on a portion of the treasury to produce premium income. BTC Inc contributes revenue from event ticket sales, sponsorships, advertising sales across its media brands, and from its Bitcoin for Corporations advisory unit which offers strategic guidance on capital formation, regulatory navigation and scaling for Bitcoin related businesses. UTXO generates management fees and performance fees from the funds it oversees, including the 210k Capital hedge fund that pursues asymmetric upside in Bitcoin and related assets while employing discretionary hedging and risk management techniques. The Healthcare Operations segment derives revenue from patient care services that are reimbursed by patients directly, Medicare, Medicaid or commercial insurance contracts, from service affiliate agreements with third party providers, and from product retail sales of wellness supplements, medical devices and other health related products offered through its clinics.

The company operates through the following segments.

• Bitcoin Operations: This segment houses the company’s Bitcoin treasury, which as of December 31, 2025 consisted of approximately 5,342 Bitcoin valued at $467.5 million, and uses those holdings to make minority investments in Bitcoin related companies, to execute an options writing strategy that includes selling covered calls and cash secured puts, to generate income through potential appreciation and lending activities, and to hold the assets in custody with U. S. based institutional grade custodians that meet regulatory compliance and information security standards.

• Healthcare Operations: This segment provides a patient focused healthcare experience that delivers personalized solutions to reduce opioid use and improve health outcomes through services such as medical evaluation and treatment, behavioral therapy, guided therapy, functional medicine, addiction recovery support, overdose education, peer support, limited urgent care, preventative medicine, weight loss programs overseen by medical professionals, hormone therapy, and both in person and telemedicine options, while also collecting data from patient interactions to inform treatment protocols and engaging in research collaborations that adhere to HIPAA privacy standards.

In the Bitcoin investment space, Nakamoto Inc. differentiates itself from pure play Bitcoin ETFs, mining companies and digital asset exchanges by combining direct Bitcoin treasury holdings with ownership of operating companies such as BTC Inc and UTXO, thereby offering investors exposure to the broader Bitcoin ecosystem through a single publicly traded vehicle. Its competitive advantages include the ability to generate income from its Bitcoin treasury via options writing and minority investments, the synergistic benefits of media, event and asset management platforms that enhance deal flow, brand visibility and pipeline sourcing, and the flexibility to allocate capital between passive Bitcoin holding and active operating company investments based on market conditions. In the healthcare sector, the company competes in a fragmented Utah market against pain clinics and non opioid specialty alternative medicine providers, and distinguishes itself through an integrated patient first model that combines mental healthcare, evidence based personalized treatment plans, algorithmic guidance on alternative medicine, and both in person and telemedicine delivery options, all supported by a data driven approach that uses patient reported outcomes to continuously refine care pathways.

The company serves a diverse customer base that includes institutional and retail investors looking for direct and indirect exposure to Bitcoin through its treasury holdings and related investment activities, advertisers, sponsors and attendees who participate in BTC Inc’s media platforms and events such as the Bitcoin Conference and regional meetups, and corporate clients seeking advisory services on capital formation, strategic transactions, regulatory compliance and scaling from Bitcoin for Corporations. Patients receive personalized medical care for chronic pain, opioid reduction and overall health improvement through its clinics and telemedicine offerings, while businesses purchase wellness programs, data resources, occupational health services and other health related solutions from the Healthcare Operations segment to support employee wellbeing and productivity initiatives.