Nakamoto Inc. (NAKA) SEC Filings & Earnings Calls
EquiReason read 18 Nakamoto Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-06 — Appointment of new transfer agent and registrar; routine administrative change with no material financial or operational impact..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 131.7M
- P/E TTM
- —
- Dividend yield
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- 52-week
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- Next earnings
- 18 Nov, in 25 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
14 Aug 20268-K · 2.02Nakamoto reports Q2 2026: revenue $35.9M, adjusted operating income $7.3M, net loss $133M due to non-cash charges; debt reduced $45M.earningsopen
Figures in the filing · each found in the filing text
| total operating revenue · Q2-2026 | $36M | |
| adjusted operating income · Q2-2026 | $7M | |
| net loss · Q2-2026 | $-133M | |
| Bitcoin holdings · Q2-2026 | 4,467 | |
| Bitcoin 2026 revenue · Media & Information Services · Q2-2026 | $23M | |
| Media & Information Services revenue · Media & Information Services · Q2-2026 | $25M | |
| Asset Management revenue · Asset Management · Q2-2026 | $500000.00 | |
| Bitcoin Operations revenue · Bitcoin Operations · Q2-2026 | $10M |
Risks flagged
Large non-cash goodwill impairment of $105.2M and mark-to-market losses on digital assets
“$105.2 million of non-cash goodwill impairment charges... $48.7 million of mark-to-market losses on our digital assets” · word for word
Bitcoin price volatility impacts reported earnings
“mark-to-market losses on digital assets primarily associated with Bitcoin” · word for word
13 Aug 202610-QNakamoto Inc. reported Q2 2026 net loss from continuing operations of $131.2M, driven by $105.2M goodwill impairment and $48.7M digital asset fair value loss, with revenue of $35.9M from newly acquired Bitcoin media and asset management busearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $36M | |
| Net loss from continuing operations · Q2-2026 | $-131M | |
| Operating cash flow · H1-2026 | $-27M | |
| Bitcoin held · 2026-06-30 | 4,467 | |
| Total debt · 2026-06-30 | $165M | |
| Goodwill impairment · Q2-2026 | $105M | |
| Derivative revenue · Q2-2026 | $10M | |
| Assets under management · Asset Management · 2026-06-30 | $103M | |
| Cash and cash equivalents · 2026-06-30 | $19M |
Risks flagged
Bitcoin price dependency
“Loss on change in fair value of digital assets of $151.2 million primarily reflecting the decline in price of Bitcoin in the first six months of 2026, from $87,519 on December 31, 2025, to $58,532 on June 30, 2026.” · word for word
Goodwill impairment risk
“We recorded a goodwill impairment of $80.6 million in the three months ended June 30, 2026, as the fair value of our Media & Information Services reporting unit was lower than our carrying value.” · word for word
Liquidity and debt risk
“As of June 30, 2026, approximately 3,805 of our 4,467 Bitcoin are held as collateral for the June Loan and can be sold to paydown the June Loan when it matures.” · word for word
Nasdaq delisting risk
“If our Common Stock again fails to satisfy the minimum bid price requirement at a time when the May 22, 2026 reverse stock split falls within the one-year period preceding that failure, we will not be eligible for any compliance period otherwise available under Nasdaq's rules.” · word for word
4 Aug 20268-K · 5.02Tim Pickett resigned as director, CMO, and CEO of Kindly LLC; separation agreement with $911,468 payment.open
Risks flagged
Loss of Chief Medical Officer and CEO of Kindly LLC could impact operations.
“Resignation of Tim Pickett from key roles.”
22 Jun 20268-K · 4.01Dismissal of auditor Sadler, Gibb & Associates; material weakness in internal controls disclosed.open
Risks flagged
Material weakness in internal controls; auditor change may signal deeper issues.
“Material weakness in internal control over financial reporting; auditor dismissed.”
11 Jun 20268-K · 2.03, 7.01, 8.01Nakamoto reduced debt by $45M, extended $105M USDT to June 2027, lowered interest rate to 7.75%, authorized $25M buyback, regained Nasdaq compliance.open
Figures in the filing · each found in the filing text
| Debt reduction · 2026-06-11 | $45M | |
| Bitcoin holdings · 2026-06-11 | 4,467 | |
| Interest rate · 2026-06-11 | 7.8% | |
| Annual financing cost reduction · 2026-06-11 | $4M | |
| Share repurchase authorization · 2026-06-11 | $25M |
Risks flagged
Bitcoin price volatility could impact collateral and debt covenants.
“volatility of Bitcoin prices and the resulting impact on the Bitcoin collateral securing the Company’s indebtedness” · word for word
1 Jun 2026SC 13D/ACEO David Bailey filed an amended Schedule 13D disclosing open-market purchases of 191,448 shares, increasing his beneficial ownership to 18.25%.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage · 2026-05-28 | 18.3% |
Risks flagged
Insider trading policy and lock-up agreements may restrict future sales
“Subject to the Issuer's Insider Trading Policy and the agreements described in Item 6 of this Amendment, the Reporting Person may from time to time buy or sell securities of the Issuer as appropriate for his personal circumstances.” · word for word
1 Jun 2026SC 13D/ACEO David Bailey filed an amended Schedule 13D disclosing open-market purchases of 191,448 shares, increasing his beneficial ownership to 18.25%.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage · 2026-05-28 | 18.3% |
Risks flagged
Insider trading policy and lock-up agreements may restrict future sales
“Subject to the Issuer's Insider Trading Policy and the agreements described in Item 6 of this Amendment, the Reporting Person may from time to time buy or sell securities of the Issuer as appropriate for his personal circumstances.” · word for word
13 May 202610-QCompany reported a net loss of $238.8 million for Q1 2026, driven by $102.5 million Bitcoin fair value loss and $107.7 million call option write-down, as it completed its transformation to a Bitcoin operating company.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $3M | +362% y/y |
| Net loss · Q1-2026 | $-239M | |
| Bitcoin holdings · 2026-03-31 | 5,064 | |
| Assets under management · Asset Management · 2026-03-31 | $110M |
Risks flagged
Bitcoin price decline risk
“Loss on change in fair value of digital assets of $102.5 million primarily reflecting the decline in price of Bitcoin in the first quarter of 2026.” · word for word
Collateral liquidation risk
“The Master Loan Agreement includes certain collateral requirements, collateral maintenance and liquidation mechanics.” · word for word
Derivatives program risk
“We write covered calls and call spreads... We also purchase protective puts and put spreads to reduce our mark-to-market exposures.” · word for word
13 May 20268-K · 2.02Nakamoto reports Q1 2026 results: $2.7M revenue, $238.8M net loss driven by Bitcoin price decline and acquisition costs; completed acquisitions of BTC Inc and UTXO Management; holds >5,000 Bitcoin.earningsopen
Figures in the filing · each found in the filing text
| Total operating revenues · Q1-2026 | $3M | +362% y/y |
| Net loss · Q1-2026 | $-239M | |
| Bitcoin holdings · Q1-2026 | 5,000 | |
| Cash and cash equivalents · Q1-2026 | $35M | |
| Assets under management · Asset Management · Q1-2026 | $110M |
Risks flagged
Bitcoin price volatility risk; large mark-to-market losses.
“$102.5 million mark-to-market loss from Bitcoin price decline from $87,519 to $68,220.”
Integration risk from recent acquisitions.
“Approximately $8.0 million of transaction-related and integration related costs.” · word for word
17 Apr 2026DEF 14ACompany proposes reverse stock split to avoid Nasdaq delisting due to stock price of $0.24.open
Figures in the filing · each found in the filing text
| Common Stock Outstanding · 2026-03-31 | 690,018,254 | |
| Closing Stock Price · 2026-04-15 | $0.24 |
Risks flagged
Nasdaq Delisting Risk
“If we do not regain compliance within the allotted compliance periods, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that our Common Stock will be subject to delisting.” · word for word
Reverse Stock Split Failure Risk
“There is no assurance that the Reverse Stock Split will increase the market price for our Common Stock.”
31 Mar 20268-K · 2.02Nakamoto Inc. reports Q4/FY2025 results, provides update on Bitcoin strategy including acquisitions of BTC Inc and UTXO Management, and exit from legacy Healthcare Operations.open
Figures in the filing · each found in the filing text
| Revenue · Healthcare Operations · Q4-2025 | $444924.00 | |
| Bitcoin Operations Revenue · Bitcoin Operations · Q4-2025 | $0.00 |
Guidance
Qualitative outlook: reduce operating losses, increase contribution from operating businesses, align cash flow with Bitcoin accumulation
Company provides qualitative outlook on reducing losses and scaling operations; no quantified guidance.
Risks flagged
Bitcoin Operations currently generating no revenue; reliance on future growth from acquisitions.
“Bitcoin Operations revenue $0 in Q4 2025; company in early stage of transformation.”
Legacy Healthcare Operations exit may incur additional costs and operational disruption.
“Initiation of orderly exit of legacy Healthcare Operations; expected to reduce operating losses.”
30 Mar 202610-KCompany transformed from healthcare to Bitcoin operating company, acquired BTC Inc and UTXO, and reported significant losses due to Bitcoin price decline.open
Figures in the filing · each found in the filing text
| Revenue · Healthcare Operations · FY2025 | $2M | -33% y/y |
| Net loss before provision for income taxes · FY2025 | $-52M | |
| Operating cash flow · FY2025 | $-24M | |
| Bitcoin holdings · Bitcoin Operations · FY2025 | 5,342 | |
| Bitcoin price at year end · FY2025 | $87519.00 | |
| Weighted average Bitcoin purchase price · FY2025 | $118171.00 | |
| Adjusted operating loss (non-GAAP) · FY2025 | $-14M |
Risks flagged
Bitcoin price decline risk
“Loss on change in fair value of digital assets of $166.1 million primarily reflecting the decline in price of Bitcoin in the fourth quarter of 2025, from $114,078 at September 30, 2025 to $87,519 at December 31, 2025.” · word for word
Liquidity risk from Bitcoin collateral
“As of December 31, 2025, approximately 3,717 of our 5,342 Bitcoin are held as collateral for the Master Loan Agreement.” · word for word
Business transformation risk
“In 2025, we began our transformation from a healthcare company to a Bitcoin operating company and that transformation continues into 2026.” · word for word
Debt repayment risk
“In December 2025, we entered into the Master Loan Agreement with Kraken for a 210.0 million USDT, 8.0% per annum fixed rate fee loan that matures on December 4, 2026.” · word for word
19 Nov 20258-K · 2.02Nakamoto (KindlyMD) reports Q3 2025: revenue $0.4M (down from $0.6M), net loss $86M driven by $59.8M loss on acquisition and $22.1M unrealized loss on digital assets. Bitcoin treasury of 5,398 BTC. Merger with Nakamoto completed; $540M raisearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $400000.00 | -33% y/y |
| Net loss · Q3-2025 | $-86M | +8500% y/y |
| Operating expenses · Q3-2025 | $11M | +535% y/y |
| Bitcoin holdings · November 12, 202 | 5,398 | |
| Weighted average Bitcoin purchase price · Q3-2025 | $118204.88 | |
| Enterprise value · September 30, 20 | $636M | |
| Shares issued and outstanding · September 30, 20 | 427,152,834 |
Risks flagged
Massive net loss driven by non-cash charges and digital asset losses
“Net loss $86M; $59.8M loss on acquisition; $22.1M unrealized loss on digital assets; $1.4M realized loss.”
Revenue decline in healthcare business
“Revenue $0.4M vs $0.6M, down 33% YoY.”
Low cash balance relative to Bitcoin holdings
“Cash and cash equivalents only $24,185; Bitcoin holdings valued at ~$681M at cost.”
Dilution risk from ATM program and warrants
“ATM program raised $5.6M at avg $4.15; 84.5M prefunded warrants outstanding.”
19 Nov 202510-QQ3 2025 net loss of $86.0M driven by Bitcoin unrealized losses and acquisition charges, compared to $1.0M loss in prior year.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $388209.00 | -40% y/y |
| Net loss · Q3-2025 | $-86M | |
| Operating cash flow · 9M-2025 | $-16M | |
| Free cash flow · 9M-2025 | $-702M |
Risks flagged
Bitcoin price volatility
“Unrealized loss on digital assets $22,066,010 for the three months ended September 30, 2025”
Debt and collateral risk
“2,903 of the Company's 5,398 Bitcoin were pledged as collateral in connection with an outstanding loan with a third-party lender” · word for word
Going concern risk
“Accumulated deficit $97,263,307 as of September 30, 2025”
3 Nov 2025DEF 14AProxy statement reveals strategic pivot to bitcoin treasury company: ~$540M PIPE and $200M convertible debt raised to acquire bitcoin, complete management overhaul with bitcoin industry veterans, and strategic investments in bitcoin-relatedopen
Figures in the filing · each found in the filing text
| PIPE Gross Proceeds · 2025-08-14 | $540M | |
| Convertible Debt Principal · 2025-08-15 | $200M | |
| Shares Outstanding · 2025-10-30 | 439,850,889 |
Risks flagged
Bitcoin Price Volatility
“The net proceeds from the PIPE Transactions have been used to acquire bitcoin, which positioned us to implement our bitcoin treasury strategy.” · word for word
Dilution from Convertible Debt
“On May 12, 2025, we also agreed to issue a secured convertible debenture in the principal amount of $200.0 million to YA II PN, Ltd.” · word for word
Related Party Transactions
“The Audit Committee approved the Minority Investment pursuant to the Company’s Related Person Transaction Policy because (i) both Bitcoin BV and BTC Media are affiliates of BTC, and (ii) David Bailey, the Company’s Chief Executive Officer and Chairman of the Board is an officer, director and equityholder of BTC; Tyler Evans, the Company’s Chief Investment Of” · word for word
Nakamoto Inc. — questions
- What did Nakamoto Inc. file recently?
- 18 SEC filings in the last 12 months. Latest: 8-K on 2026-10-06 — Appointment of new transfer agent and registrar; routine administrative change with no material financial or operational impact.
Every figure on this page comes from Nakamoto Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.