NAKA · Nakamoto Inc.
Nakamoto Inc. develops and invests in a global portfolio of Bitcoin-native companies. It offers commercial and financial infrastructure for the capital markets. The company was formerly known as Kindly MD, Inc. and change its name to Nakamoto Inc. in January 2026. Nakamoto Inc. was incorporated in 2019 and is based in Nashville, Tennessee.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $7.06 |
| SO | 17.9M |
| Options | 1.8M |
| Warrants | 72.3M |
| FD SO | 92.0M |
| MC | $649.2M |
| Cash | $19.1M |
| Total debt | $164.7M |
| EV | $794.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 28.5x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 15.1% |
| Insiders | 38.5% |
| # Institutions | 39 |
| Analysts | 3 |
| Consensus | Strong Buy |
| Avg target | $12.00 |
| Short % float | 15.1% |
| Days to cover | 5.37 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-10. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-24 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-31; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 25.45 | 1.61 | 0.44 | 0.39 |
| Revenue YoY % | 6129.9% | 177.1% | (26.3%) | (40.1%) |
| SG&A | 4.70 | 9.78 | 5.07 | 4.98 |
| R&D | — | — | — | 0.00 |
| Operating Income | (149.08) | (126.17) | (183.30) | (10.41) |
| Operating Income YoY % | (6133.7%) | (12011.5%) | (17824.4%) | (891.2%) |
| Operating Margin % | (585.7%) | (7851.3%) | (41198.2%) | (2680.4%) |
| EBITDA | (146.65) | (125.06) | (183.26) | (10.40) |
| EBITDA Margin % | (576.2%) | (7781.9%) | (41189.2%) | (2677.7%) |
| Interest Expense | 4.02 | 4.22 | 7.05 | 0.00 |
| Other Income / (Expense) | (1.33) | (108.39) | 227.61 | (75.63) |
| Pretax Income | (154.42) | (238.78) | 37.26 | (86.04) |
| Tax Provision | (21.42) | — | — | — |
| Net Income | (133.00) | (238.78) | 37.26 | (86.04) |
| Net Margin % | (522.6%) | (14858.5%) | 8374.2% | (22162.2%) |
| Diluted EPS | -$6.65 | -$0.38 | $0.98 | -$0.42 |
| Basic EPS | -$6.65 | -$0.38 | $0.98 | -$0.42 |
| Diluted Avg Shares | 20.0 | 636.5 | — | 203.1 |
| Basic Avg Shares | 20.0 | 636.5 | — | 203.1 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Total Revenue | 27.89 | 1.82 | 2.72 | 3.77 |
| Revenue YoY % | 1431.4% | (33.0%) | (27.8%) | — |
| SG&A | 24.53 | 11.76 | 1.91 | 1.36 |
| R&D | — | — | 0.38 | 0.00 |
| Operating Income | (468.96) | (194.94) | (3.35) | (1.62) |
| Operating Income YoY % | (140.6%) | (5724.7%) | (106.6%) | — |
| Operating Margin % | (1681.4%) | (10703.2%) | (123.1%) | (43.0%) |
| EBITDA | (465.36) | (194.86) | (3.21) | (1.51) |
| EBITDA Margin % | (1668.5%) | (10698.7%) | (118.0%) | (40.2%) |
| Interest Expense | 15.29 | 7.06 | 0.39 | 0.06 |
| Other Income / (Expense) | 42.27 | 149.77 | — | — |
| Pretax Income | (441.97) | (52.23) | (3.62) | (1.62) |
| Net Income | (420.55) | (52.23) | (3.62) | (1.62) |
| Net Margin % | (1507.8%) | (2867.6%) | (133.0%) | (42.9%) |
| Diluted EPS | -$6.47 | -$0.26 | -$0.67 | -$0.36 |
| Basic EPS | -$6.47 | -$0.26 | -$0.67 | -$0.36 |
| Diluted Avg Shares | 20.0 | 200.2 | 5.4 | 4.5 |
| Basic Avg Shares | 20.0 | 200.2 | 5.4 | 4.5 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 19.07 | 35.30 | 21.07 | 24.19 |
| Other Current Assets | 8.38 | 28.12 | 202.75 | 2.87 |
| Total Current Assets | 27.45 | 63.42 | 223.82 | 27.05 |
| Net PPE | — | — | 0.01 | 0.01 |
| Operating Lease ROU | — | — | — | 0.51 |
| Goodwill | 16.39 | 93.51 | — | — |
| Intangible Assets | 97.13 | 101.17 | 3.01 | 3.01 |
| Long-term Investments | 17.53 | 16.89 | 35.70 | 45.96 |
| Other Assets | 264.01 | 345.77 | 468.08 | 615.88 |
| Total Assets | 422.51 | 620.76 | 730.61 | 692.42 |
| Current Lease Liabilities | — | — | — | 0.13 |
| Other Current Liabilities | 179.47 | 251.70 | 215.99 | 214.33 |
| Total Current Liabilities | 179.47 | 251.70 | 215.99 | 214.46 |
| Long-term Lease Liabilities | — | — | — | 0.40 |
| Other Liabilities | 6.63 | 1.99 | — | — |
| Total Liabilities | 186.10 | 253.69 | 216.35 | 214.86 |
| Retained Earnings | (431.78) | (298.78) | (60.01) | (97.26) |
| Total Equity | 236.41 | 367.07 | 514.26 | 477.56 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Cash & Equivalents | 19.07 | 21.07 | 2.27 | 0.53 |
| Receivables | — | — | 0.04 | 0.03 |
| Inventory | — | — | 0.00 | 0.06 |
| Other Current Assets | 8.38 | 202.75 | — | — |
| Total Current Assets | 27.45 | 223.82 | 2.51 | 0.62 |
| Net PPE | — | 0.01 | 0.01 | 0.24 |
| Operating Lease ROU | — | — | 0.64 | 0.24 |
| Goodwill | 16.39 | — | — | — |
| Intangible Assets | 97.13 | 3.01 | — | — |
| Long-term Investments | 17.53 | 35.70 | — | — |
| Other Assets | 264.01 | 468.08 | 0.52 | — |
| Total Assets | 422.51 | 730.61 | 3.68 | 1.10 |
| Current Lease Liabilities | — | — | 0.14 | 0.09 |
| Other Current Liabilities | 179.47 | 215.99 | — | 0.72 |
| Total Current Liabilities | 179.47 | 215.99 | 0.61 | 0.81 |
| Long-term Debt | — | — | 0.15 | — |
| Long-term Lease Liabilities | — | — | 0.50 | 0.16 |
| Other Liabilities | 6.63 | — | — | — |
| Total Liabilities | 186.10 | 216.35 | 1.11 | 1.21 |
| Retained Earnings | (431.78) | (60.01) | (7.78) | (4.16) |
| Total Equity | 236.41 | 514.26 | 2.57 | (0.11) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (133.00) | (238.78) | 37.26 | (86.04) |
| D&A | 2.43 | 1.11 | 0.04 | 0.01 |
| Stock-Based Comp | 2.23 | 1.61 | 0.27 | 1.51 |
| Δ Working Cap & Other | 125.08 | 212.77 | (45.14) | 71.35 |
| Operating Cash Flow | (3.25) | (23.29) | (7.57) | (13.17) |
| Other Investing | (2.26) | 36.56 | 6.28 | (683.78) |
| Investing Cash Flow | (2.26) | 36.56 | 6.28 | (683.78) |
| Stock Issuance | — | — | — | 5.66 |
| Stock Buyback | 0.00 | (0.56) | — | — |
| Other Financing | (9.21) | — | — | 709.45 |
| Financing Cash Flow | (9.21) | (0.56) | (0.31) | 715.11 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Net Income | (420.55) | (52.23) | (3.62) | (1.62) |
| D&A | 3.60 | 0.08 | 0.14 | 0.11 |
| Stock-Based Comp | 5.62 | 2.36 | 0.11 | 0.01 |
| Δ Working Cap & Other | 364.06 | 26.28 | 0.30 | 1.06 |
| Operating Cash Flow | (47.27) | (23.51) | (3.07) | (0.45) |
| CapEx | — | — | (0.01) | (0.01) |
| Other Investing | (643.20) | (680.02) | — | — |
| Investing Cash Flow | (643.20) | (680.02) | (0.40) | (0.01) |
| Stock Issuance | — | 5.66 | — | — |
| Stock Buyback | (0.87) | (0.32) | (0.02) | — |
| Other Financing | 705.90 | 718.51 | 5.25 | 0.80 |
| Financing Cash Flow | 705.03 | 723.85 | 5.22 | 0.80 |
| Free Cash Flow | — | — | (3.09) | (0.46) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.15 | 0.25 | 1.04 | 0.13 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | (576.2%) | (7781.9%) | (41189.2%) | (2677.7%) |
| Working Capital | (152.02) | (188.28) | 7.83 | (187.41) |
| Net Debt | — | — | — | — |
| ROE % | (56.3%) | (65.0%) | 7.2% | (18.0%) |
| ROA % | (31.5%) | (38.5%) | 5.1% | (12.4%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Current Ratio | 0.15 | 1.04 | 4.13 | 0.76 |
| Quick Ratio | — | — | 4.13 | 0.68 |
| Debt / Equity | — | — | 0.06 | — |
| EBITDA Margin % | (1668.5%) | (10698.7%) | (118.0%) | (40.2%) |
| Working Capital | (152.02) | 7.83 | 1.90 | (0.20) |
| Net Debt | — | — | (2.12) | — |
| ROE % | (177.9%) | (10.2%) | (140.9%) | 1492.0% |
| ROA % | (99.5%) | (7.1%) | (98.4%) | (147.1%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-21 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-20 | P | 4,852 | $6.27 | $30,410 |
| 2026-08-21 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-19 | P | 32,133 | $5.59 | $179,580 |
| 2026-08-20 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-18 | P | 1,000 | $5.10 | $5,099 |
| 2026-08-20 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-18 | P | 1,000 | $5.11 | $5,109 |
| 2026-08-20 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-18 | P | 1,000 | $5.14 | $5,138 |
| 2026-08-20 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-18 | P | 1,000 | $5.15 | $5,150 |
| 2026-08-20 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-18 | P | 918 | $5.08 | $4,666 |
| 2026-05-28 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-05-28 | P | 7,115 | $5.79 | $41,196 |
| 2026-05-28 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-05-28 | P | 48,000 | $5.59 | $268,320 |
| 2026-05-28 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-05-27 | P | 79,104 | $4.68 | $370,207 |
| 2026-05-28 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-05-27 | P | 25,729 | $5.33 | $137,136 |
| 2026-05-28 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-05-26 | P | 31,500 | $5.58 | $175,770 |
| 2026-03-16 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-03-12 | A | 600,000 | — | $0 |
| 2026-03-16 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 17,841,993 | — | $0 |
| 2026-03-16 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 4,118,006 | — | $0 |
| 2026-03-16 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 2,470,803 | — | $0 |
| 2026-03-16 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 3,596,392 | — | $0 |
| 2026-03-16 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 2,745,337 | — | $0 |
| 2026-03-16 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 12,491,284 | — | $0 |
| 2026-02-24 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 17,841,993 | — | $0 |
| 2026-02-24 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 4,118,006 | — | $0 |
| 2026-02-24 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 2,470,803 | — | $0 |
| 2026-02-24 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 3,596,392 | — | $0 |
| 2026-02-24 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 2,745,337 | — | $0 |
| 2026-02-24 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2026-02-20 | A | 12,491,284 | — | $0 |
| 2026-02-24 | Bailey David F | Director, Officer (Chief Executive Officer), 10% Owner | 2026-02-20 | A | 108,200,628 | — | $0 |
| 2026-02-24 | Creighton Andrew John | Officer (Chief Commercial Officer) | 2026-02-20 | A | 1,685,500 | — | $0 |
| 2025-12-18 | Dalton John Merritt | Officer (Chief Accounting Officer) | 2025-12-16 | A | 1,574,803 | — | $0 |
| 2025-12-18 | Gendron Teresa S | Officer (Chief Financial Officer) | 2025-12-16 | A | 2,624,671 | — | $0 |
| 2025-09-24 | Barrera Jared | Officer (Chief Financial Officer) | 2025-09-22 | A | 6,400 | — | $0 |
| 2025-09-24 | Pickett Timothy | Director, Officer (Chief Medical Officer) | 2025-09-22 | A | 37,593 | — | $0 |
| 2025-09-24 | Pickett Timothy | Director, Officer (Chief Medical Officer) | 2025-09-22 | A | 26,129 | — | $0 |
| 2025-09-24 | Pickett Timothy | Director, Officer (Chief Medical Officer) | 2025-09-22 | A | 10,146 | — | $0 |
| 2025-09-24 | Pickett Timothy | Director, Officer (Chief Medical Officer) | 2025-09-22 | A | 18,378 | — | $0 |
| 2025-09-24 | Weiss Eric Stanton | Director | 2025-09-22 | A | 112,781 | — | $0 |
| 2025-09-24 | Xethalis Gregory Elias | Director | 2025-09-22 | A | 112,781 | — | $0 |
| 2025-09-24 | Fabiano Amanda | Officer (Chief Operating Officer) | 2025-09-22 | A | 751,879 | — | $0 |
| 2025-09-24 | Fabiano Amanda | Officer (Chief Operating Officer) | 2025-09-22 | A | 3,383,458 | — | $0 |
| 2025-09-24 | Bailey David F | Director, Officer (Chief Executive Officer) | 2025-09-22 | A | 751,879 | — | $0 |
| 2025-09-24 | Creighton Andrew John | Officer (Chief Commercial Officer) | 2025-09-22 | A | 601,503 | — | $0 |
| 2025-09-24 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2025-09-22 | A | 601,503 | — | $0 |
| 2025-09-24 | YUSKO MARK W | Director | 2025-09-22 | A | 112,781 | — | $0 |
| 2025-09-24 | McNulty Perianne Boring | Director | 2025-09-22 | A | 112,781 | — | $0 |
| 2025-09-24 | Blackburn Charles Phillip | Director | 2025-09-22 | A | 112,781 | — | $0 |
| 2025-08-22 | Evans Tyler Matthew | Officer (Chief Investment Officer) | 2025-08-14 | A | 2,232,114 | — | $0 |
| 2025-08-19 | Creighton Andrew John | Officer (Chief Compliance Officer) | 2025-08-14 | A | 2,232,114 | — | $0 |
| 2025-08-15 | Bailey David F | Director, Officer (Chief Executive Officer) | 2025-08-14 | A | 11,160,572 | — | $0 |
| 2025-05-14 | Robinson Christian S. | Director | 2025-05-12 | A | 1,838 | $1.61 | $2,959 |
| 2025-05-14 | Robinson Christian S. | Director | 2025-05-12 | A | 2,000 | $3.90 | $7,800 |
| 2025-05-14 | Robinson Christian S. | Director | 2025-05-12 | A | 538 | $5.50 | $2,959 |
| 2025-05-14 | Seelhorst Gary | Director | 2025-05-12 | A | 1,838 | $1.61 | $2,959 |
| 2025-05-14 | Seelhorst Gary | Director | 2025-05-12 | A | 2,000 | $3.90 | $7,800 |
| 2025-05-14 | Seelhorst Gary | Director | 2025-05-12 | A | 538 | $5.50 | $2,959 |
| 2025-05-14 | Powell Amy | Director | 2025-05-12 | A | 1,838 | $1.61 | $2,959 |
| 2025-05-14 | Powell Amy | Director | 2025-05-12 | A | 2,000 | $3.90 | $7,800 |
| 2025-05-14 | Powell Amy | Director | 2025-05-12 | A | 538 | $5.50 | $2,959 |
| 2025-05-14 | Pickett Timothy | Director, Officer (CEO), 10% Owner | 2025-05-12 | A | 28,780 | $1.61 | $46,336 |
| 2025-05-14 | Pickett Timothy | Director, Officer (CEO), 10% Owner | 2025-05-12 | A | 7,479 | $4.29 | $32,085 |
| 2025-05-14 | Barrera Jared | Officer (CFO) | 2025-05-12 | A | 35,000 | $3.90 | $136,500 |
| 2025-05-14 | Cox Adam | Director, Officer (COO) | 2025-05-12 | A | 40,000 | $3.90 | $156,000 |
| 2024-10-30 | Powell Amy | Director | 2024-10-24 | A | 837 | $1.05 | $879 |
| 2024-10-29 | Robinson Christian S. | Director | 2024-10-24 | A | 837 | $1.05 | $879 |
| 2024-10-29 | Seelhorst Gary | Director | 2024-10-24 | A | 837 | $1.05 | $879 |
| 2024-10-29 | Cox Adam | Director, Officer (COO) | 2024-10-24 | A | 9,000 | $1.05 | $9,450 |