NAKAWNasdaqFinance ServicesUS GAAP · USD

Nakamoto Inc.

Nakamoto Inc. is a U.S.-based finance services company centered on Bitcoin treasury activities and related digital-asset investments. The company also pursues mergers, acquisitions, investments, joint ventures, and other strategic transactions that can expand its asset base, technology capabilities, and market reach.

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Revenue1.8m USD
−33.0 %y/y
Operating profit (EBIT)-197m USD
−5,790.4 %y/y
EBIT margin-10,824.0%
−10,701.0 ppy/y
Net income-52.2m USD
−1,343.7 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-200-150-100-50050m USD2023: 3.8 m USD2023: EBIT -1.6 m USD20232024: 2.7 m USD2024: EBIT -3.3 m USD20242025: 1.8 m USD2025: EBIT -197 m USD20251.8-197
RevenueOperating profit (EBIT)

Business

Share of revenue
Bitcoin Treasury50 %

Direct acquisition and holding of Bitcoin for the company treasury.

Digital Asset Investments20 %

Indirect exposure through investments in bitcoin treasury companies and related assets.

Strategic Transactions20 %

Mergers, acquisitions, investments, and joint ventures used to build the platform.

Corporate Development10 %

Transaction sourcing, integration, and expansion of products, services, and markets.

Products

Reported · share of revenue
99.6%FY2025100 %
  • Patient Care Services99.6 %
  • Service Affiliate Agreements0.4 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Nakamoto does not operate like a traditional fee-based financial intermediary; its economic counterparties are primarily exchanges, custodians, and strategic transaction partners rather than end-consumers. Its capital allocation and treasury activities are aimed at shareholders and investors who seek exposure to Bitcoin and related digital-asset strategies. The company also engages with businesses, assets, and management teams that may become acquisition or joint-venture targets.

Public equity investors

Buy the stock for exposure to Bitcoin treasury strategy and optionality from future transactions.

Digital-asset exchanges

Provide execution venues for Bitcoin purchases and related treasury transactions.

Custodians and infrastructure providers

Support secure storage, settlement, and operational handling of Bitcoin holdings.

Acquisition and joint-venture counterparties

Businesses or asset owners that may sell, partner, or combine with Nakamoto.

Strategy

The company’s strategy is to accumulate Bitcoin while using mergers, acquisitions, investments, and joint ventures to broaden its platform. It seeks to add assets, technology, talent, and market access through transactions that can complement the treasury strategy and expand future product and service options.

Bitcoin accumulationShort term

Bitcoin is the central treasury asset and the main source of strategic exposure.

Acquisitions and investmentsMedium term

Transactions can add assets, talent, technology, and new markets.

Platform expansionMedium term

Broader capabilities may support future products and services.

Geography

Nakamoto is headquartered in the United States and operates as a U.S. public company. Its Bitcoin strategy relies on third-party exchanges and custodians that may operate across multiple jurisdictions, while future acquisitions could add cross-border exposure.

Risks

The business is exposed to Bitcoin price volatility, custody and cyber risks, and counterparty dependence on a limited set of reputable exchanges. It also faces execution risk in acquisitions and integration, plus public-company governance and internal-control weaknesses that can affect reporting quality and investor confidence.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Custody and private-key loss1Bitcoin price volatility2Acquisition and integration risk3Internal control weakness4Third-party exchange dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Custody and private-key lossImpact: CriticalLikelihood: Medium

    Loss, theft, or destruction of keys could impair access to Bitcoin.

    Exposure: Bitcoin treasury holdings

  2. Bitcoin price volatilityImpact: HighLikelihood: Medium

    Treasury and investment results move with Bitcoin market prices.

    Exposure: Direct Bitcoin holdings and indirect bitcoin treasury investments

  3. Acquisition and integration riskImpact: HighLikelihood: Medium

    Transactions may fail, underperform, or create operational and legal issues.

    ExposureM&AJoint venturesStrategic alliances
  4. Internal control weaknessImpact: HighLikelihood: Medium

    Weak segregation of duties and documentation can lead to misstatements.

    Exposure: Financial reporting and disclosure controls

  5. Third-party exchange dependenceImpact: HighLikelihood: Low

    Bitcoin purchases depend on reputable counterparties and favorable terms.

    Exposure: Treasury execution and liquidity

Accounting

Judgemental items
Bitcoin and digital-asset valuation

Market-price movements can materially affect reported results and balance-sheet values.

Impact: Fair value gains/losses and asset carrying values

Goodwill and intangible impairment

Acquired businesses or investments may require write-downs if performance weakens.

Impact: Non-cash impairment charges

Share-based or service-based equity issuances

Common stock issued for services affects equity and compensation-related expense.

Impact: Dilution and operating expense recognition

Internal control over financial reporting

Material weaknesses can affect the accuracy and timeliness of reported numbers.

Impact: Disclosure controls and audit risk

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Last updated: 24/09/2026