David Bailey's Bitcoin treasury play Nakamoto acquires BTC Inc and UTXO Management

Nakamoto (Nasdaq: NAKA), the bitcoin treasury company founded by bitcoin entrepreneur David Bailey, has agreed to buy BTC Inc., the company behind Bitcoin Magazine and The Bitcoin Conference, among other properties.

"Bringing BTC Inc and UTXO into Nakamoto has been a part of our vision since day one," Nakamoto Chairman and CEO David Bailey said in a statement. "We intend to operate a portfolio of companies across media, asset management, and advisory services that can scale with Bitcoin’s long-term growth."

The all-stock transaction will be completed at a fixed price of $1.12 per share, with BTC Inc. and UTXO shareholders receiving 363,589,816 shares of NAKA common stock on a fully diluted basis valued at over $107 million, calculated using Nakamoto's closing stock price on February 13, 2026, of $0.2951 per share.

Nakamoto noted it had a previous call option to acquire BTC Inc, while BTC Inc. had a call option to acquire UTXO, which were exercised concurrently. The Block has reached out to Bailey for comment.

NAKA is trading largely flat at around $0.30 at publication time, having jumped to $0.32 after market opening.

The move comes amid a period of depressed interest in digital asset treasury companies, which sprang into operation during the first year of President Donald Trump’s second term.

Nakamoto was one of the buzzier bitcoin DATs to launch in 2025, given Bailey’s involvement, alongside other major bitcoin accumulators like Twenty One Capital, backed by Tether and Strike founder Jack Mallers.

Bailey is the co-founder and CEO of BTC Inc. UTXO Management is an investment firm that has backed other bitcoin DATs like Treasury B.V., based in Europe.

Nakamoto’s acquisition of BTC Inc and UTXO will help provide recurring earnings for the firm, helping it to expand beyond the capital market niche it previously operated in, spearheaded by Michael Saylor’s Strategy.

Bailey, speaking at the Bitcoin Investors Week conference last week, said he expects a round of consolidation among DATs in the coming months. Bailey also confirmed the company has no intention of selling its bitcoin.

"It's really just about how our stock trades versus how Bitcoin trades," Bailey said. "We're not selling our Bitcoin. We stated that there are circumstances, if Bitcoin trades down to $8,000 for five years straight, we might need to sell our Bitcoin."