Satoshi Nakamoto (NAKA) has signed a final agreement to acquire media and events company BTC Inc and asset management company UTXO Management.
NAKA will issue 363 million shares in an all-stock transaction valued at approximately $107.3 million, which is expected to close in the first quarter of 2026, according to a press release on Tuesday.
BTC Inc operates several high-profile Bitcoin media properties, including Bitcoin Magazine, Bitcoin Conference, and the enterprise-focused Bitcoin Enterprise Initiative. Meanwhile, UTXO advises 210k Capital, a hedge fund that allocates capital to Bitcoin-related public and private markets.
“We intend to operate a portfolio of companies spanning media, asset management and advisory services that can scale with Bitcoin’s long-term growth,” Satoshi CEO David Bailey said. “This deal marks the first step in the company we intend to build, and we are just getting started.”
The deal has raised eyebrows among some market watchers due to the steep discount between the original list price and the current execution price. One user on
Bailey also leads BTC Corporation, and he is at the heart of all three related companies, making this transaction a related party transaction. A special committee of independent directors approved the transaction with input from outside legal and financial advisors.
NAKA shares were flat on Tuesday, trading at just $0.30, compared with around $2.00 before switching to a Bitcoin vault strategy (when the company was named Kindly MD).