Data checked
2026-06-21
Treasury data is a dated snapshot. Prices and NAV move intraday.
Treasury ProductCommon StockNAKANasdaq Capital Market
Nakamoto
Nasdaq bitcoin-native operating company founded by David Bailey through the KindlyMD merger.
3.6/10Overall score = 2.0*30% + 3.5*15% + 0.5*15% + 6.5*15% + 6.0*10% + 8.0*10% + 1.0*5% = 3.6. NAV per share uses post-sale BTC of 4,468 * $64,101 BTC price / 17,400,000 split-adjusted shares, before cash, debt, pledged collateral effects, taxes, and operating assets/liabilities. The ~74% discount falls in the extreme-deviation band (1-4) of the published NAV rubric; the underlying market price is a partial, thin-volume snapshot.
Key Metrics
NAV Premium / Discount
-74.42%
Market: $4.21 vs NAV: $16.46
BTC per Share
₿0.00025678
₿4,468 total BTC held
Market Price
$4.21
Nasdaq Capital Market
Daily Volume
$686,879
daily listed
Shares Outstanding
17,400,000
Dilution: increasing
Management Fee
None
Performance Fee
None
Inception Date
2025-08-14
Nakamoto launched its bitcoin strategy after the August 2025 merger with KindlyMD, then rebranded in early 2026.
Score Breakdown
Methodology: Overall score = 2.0*30% + 3.5*15% + 0.5*15% + 6.5*15% + 6.0*10% + 8.0*10% + 1.0*5% = 3.6. NAV per share uses post-sale BTC of 4,468 * $64,101 BTC price / 17,400,000 split-adjusted shares, before cash, debt, pledged collateral effects, taxes, and operating assets/liabilities. The ~74% discount falls in the extreme-deviation band (1-4) of the published NAV rubric; the underlying market price is a partial, thin-volume snapshot.
View full scoring methodology →Dilution & Share Structure
increasing17,400,000 shares outstanding
A 1-for-40 reverse stock split effective May 22, 2026 reduced shares outstanding from about 690 million to about 17.4 million (to regain Nasdaq $1.00 minimum-bid compliance); fully diluted shares fall proportionally from about 892.7 million. The split changes per-share scale, not economic ownership.
Fee Structure
Management Fee
None
Performance Fee
None
No product-level management fee or performance fee. Common shareholders bear operating losses, acquisition/integration costs, public-company costs, and financing costs including secured debt.
Governance & Disclosure
Reporting Tier
SEC Reporting
Disclosure Frequency
Quarterly and annual SEC reporting
Audit Firm
Not disclosed
Liquidity Tier
daily listed
Highlights
- +Built around a bitcoin treasury plus media, asset management, and advisory businesses.
- +Owns BTC Inc and UTXO Management after February 2026 acquisitions.
- +Trades at a large estimated discount to bitcoin-only NAV (mNAV about 0.26x) using recent market-data snapshots.
Considerations
- !Completed a 1-for-40 reverse stock split on May 22, 2026 to regain Nasdaq $1.00 minimum-bid compliance — a delisting-risk signal.
- !Sold 600 BTC in June 2026 to repay $45 million of Kraken debt (after a roughly 284 BTC sale in Q1), reducing the treasury to about 4,468 BTC.
- !Part of the bitcoin stack has been pledged as collateral for debt, according to public reporting; a $25 million buyback was also authorized.
Best for
Investors comparing deeply discounted but higher-risk bitcoin operating companies with meaningful dilution and execution risk.
Evidence
Why trust this view
Verification
Sources
5 cited
Each data point is traced back to a named source listed below.
How we score
Treasury methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedOfficial
Nakamoto March 30, 2026 full-year results
Reports 5,342 BTC held at year-end 2025, post-year-end sale of about $20 million of bitcoin for operating reserves, enterprise value, and March 27, 2026 shares outstanding and fully diluted shares.
https://nakamoto.com/updates/nakamoto-reports-fourth-quarter-and-full-year-2025-results ↗verifiedOfficial
Nakamoto merger announcement
Announces Nakamoto/KindlyMD merger, $510 million PIPE, $200 million convertible notes, and David Bailey leadership.
https://nakamoto.com/update/david-bailey-and-bitcoin-native-holding-company-nakamoto-announce-merger-with-kindlymd-r-to-establish-bitcoin-treasury ↗verifiedOfficial
Nakamoto 1-for-40 reverse stock split announcement
Announces a 1-for-40 reverse stock split effective May 22, 2026, reducing shares outstanding from about 696.1 million to about 17.4 million to regain Nasdaq $1.00 minimum-bid compliance.
https://www.businesswire.com/news/home/20260520087361/en/Following-Stockholder-Approval-Nakamoto-Announces-1-for-40-Reverse-Stock-Split-to-be-Effective-on-May-22-2026 ↗verifiedResearch
Nakamoto 600 BTC sale / debt reduction coverage
Reports Nakamoto sold 600 BTC to repay $45 million of Kraken debt, extended remaining loans, and authorized a $25 million buyback, leaving a treasury of about 4,468 BTC.
https://bitcoinmagazine.com/news/nakamoto-inc-naka-balance-sheet ↗partialMarket Data
StockAnalysis NAKA quote and statistics
Market-data snapshot (split-adjusted close $4.21, market cap about $73.26 million, 17.40 million shares as of June 18, 2026) used for NAKA market price, shares outstanding, market capitalization, and public-company profile.
https://stockanalysis.com/stocks/naka/ ↗Notes
IMPORTANT: a 1-for-40 reverse stock split was effective May 22, 2026, so all per-share metrics here are split-adjusted (about 17.4 million shares, not the pre-split about 690 million). BTC balance is about 4,468 after a roughly 284 BTC Q1 sale and a 600 BTC June sale to repay $45 million of Kraken debt. NAV per share uses a $64,101 BTC reference price from June 21, 2026 and excludes cash, debt, pledged collateral constraints, taxes, and operating assets/liabilities. The roughly 74% discount (mNAV about 0.26x) is computed from the verified live close of $4.21 (market cap about $73.26 million); this is a deeper discount than the prior audit estimate (around -40%), which assumed a higher post-split price than the market is currently paying. dailyVolumeUsd predates the split and is a thin, partial snapshot. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-06-21. Past performance does not guarantee future results.
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NAV estimates. NAV per share calculations use a reference BTC price and may not reflect all corporate assets, liabilities, debt, taxes, or operating costs.
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