Nakamoto Inc. has completed a clean break from healthcare, closing the last of its patient-facing clinics and formally shifting into a pure-play Bitcoin operating company.
The company said its legacy clinics — operations tied to the former KindlyMD business and run through wholly owned Kindly LLC — ceased patient services on June 19, 2026. Remaining administrative work tied to the wind-down is expected to wrap up in the third quarter of 2026.
“With our healthcare clinics now closed, Nakamoto continues to be focused on executing its strategy as a Bitcoin operating company,” Chairman and CEO David Bailey said. The move cements a strategic pivot away from healthcare toward a model built on media, asset management, financial services and consulting.
Three-business model centered on Bitcoin
Nakamoto now delineates three core lines of business designed to produce recurring revenue across the Bitcoin ecosystem:
- Media and information services — led by BTC Inc., the publisher behind Bitcoin Magazine, The Bitcoin Conference and Bitcoin for Corporations.
- Asset management and financial services — anchored by UTXO Management, which focuses on public and private-market Bitcoin investments.
- Consulting and advisory services for corporate and institutional clients.
Balance-sheet strategy and holdings
The pivot follows Nakamoto’s merger with healthcare operator KindlyMD and a large PIPE raise of roughly $540 million, proceeds the company said were earmarked for Bitcoin purchases. Shortly after the merger, the combined company made an early, sizable buy of more than 5,700 BTC, a purchase that initially put KindlyMD among the larger public corporate Bitcoin holders.
BitcoinTreasuries lists Nakamoto with 4,467 BTC — roughly $286.7 million — as of June 23, placing it below the largest public holders (like Strategy and Twenty One Capital) but still within the top group of corporate treasuries. The public Bitcoin-treasury space is getting more competitive, with rivals such as Twenty One Capital exploring Tether-backed expansion and partnerships with firms like Strike and Elektron Energy to monetize holdings.
Market performance and financials
Nakamoto’s shift has not been without market pressure. The stock (NAKA) recently traded near $4.09 after a downturn, and share performance has felt the strain since the company announced its 2025 merger and Bitcoin-accumulation strategy. Financially, Nakamoto reported a $238.8 million net loss in Q1 2026, primarily driven by non-cash valuation changes linked to its Bitcoin holdings and investment portfolio, plus transaction and integration costs related to recent acquisitions.
What comes next
With the clinical operations shuttered, Nakamoto is now fully exposed to the volatility and opportunity of a Bitcoin-heavy corporate model. Management argues the newly built platform across media, asset management and advisory services can generate recurring revenue to offset balance-sheet swings — but investors will be watching closely to see whether these businesses can scale and stabilize revenues while weathering crypto market cycles.
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