Nakamoto Inc. (NAKA) has now taken the worst kind of irony to heart, shipping a Chief Medical Officer into a Bitcoin‑laden company. The move was instantly turned into a circus prop, with critics labeling the Treasury as a Digital Asset Treasury (DAT) “excess.”
Analysts tie this absurdity to the company’s spectacular decline-99% of its share slump, a looming $200 million debt, and the enigmatic “doctor” as an attempt to cling to a once‑glorious “reverse merger” dream.
Why a Bitcoin Treasury Firm Keeps a Doctor on Staff
There is a story behind the white coat. Nakamoto began life in Utah as KindlyMD, a humble pain‑management outfit that listed on Nasdaq before being subsumed by David Bailey’s private Nakamoto Holdings in 2025. The founder, Tim Pickett, stayed on as Chief Medical Officer to keep the old practice humming.
“We have a chief medical officer because we merged with a healthcare company and maintaining an operating business is a Nasdaq listing requirement,” said David Bailey, Nakamoto’s CEO and chairman.
The medical arm still generates the bulk of Nakamoto’s paltry recurring revenue and helps the firm dodge being turned into a shell company. It is not the only healthcare by‑product croaked into the crypto ether in 2025.
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Dilution and Losses Fuel the Backlash
The CMO’s name became an inside joke once analysts noticed Kasha’s Q1 2026 earnings report: a $238 million net loss, $2.3 million in revenue, and insiders receiving $7.3 million in pay.
JUST IN: David Bailey’s #Bitcoin treasury company Nakamoto $NAKA hits a new all‑time low of $0.17 after reporting a net loss of $238.8 million for Q1 2026. 🚨📉
– BitcoinTreasuries.NET (@BTCtreasuries) May 14, 2026
On top of that, the company snatched BTC Inc. and UTXO Management from Bailey and CIO Tyler Evans, flooding the market and diluting the public by a staggering 58 % in a single quarter.
In a last‑ditch effort to keep Nasdaq standards, shareholders agreed to a 1‑for‑40 reverse stock split on May 22, ballooning the price from roughly $0.16 to about $6 and condensing 696 million shares into 17.4 million.
The first insider lock‑up tranche will lift off on August 20, with Q2 10‑Q following the same month. Both will test whether Bitcoin 2026 conference revenue can justify the goodwill from the BTC Inc. acquisition.
Side‑by‑side with ongoing DAT sector losses and Nakamoto’s earlier Bitcoin sale, investors keep an eye on the operating line and doubt the relevance of the 5,058 BTC headline holdings for the next couple of quarters.
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2026-05-25 00:45