M&A
confidence high
sentiment neutral
materiality 0.85
Nakamoto completes acquisitions of BTC Inc and UTXO Management for ~$81.6M in stock
Nakamoto Inc.
- BTC Inc and UTXO now wholly owned; combined 12-month revenue $80.5M, EBITDA $34.2M, net income $40.1M (preliminary).
- BTC Inc generated $65.3M revenue, $20.6M EBITDA, $26.5M net income; organizer of The Bitcoin Conference (67K attendees in 2025).
- UTXO generated $18.2M revenue, $13.6M EBITDA, $13.6M net income; adviser to 210k Capital hedge fund.
- Consideration: 364.8M shares of Nakamoto common stock + assumed options; net value ~$81.6M based on $0.248 closing price.
- Post-closing shares: 683.5M basic, 890.1M fully diluted; certain holders subject to 6-12 month lock-ups.