Nakamoto (NAKA)
Market Price (10/9/2026): $8.81 | Market Cap: $176.2 MilSector: Financials | Industry: Diversified Capital Markets
Nakamoto (NAKA)
Market Price (10/9/2026): $8.81Market Cap: $176.2 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2050% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -88% Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Aging Population & Chronic Disease. Themes include Medical Cannabis Therapeutics & Clinics, Geriatric Care, Show more. | Weak multi-year price returns2Y Excs Rtn is -114%, 3Y Excs Rtn is -174% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -240 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -609% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 78% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -120%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -120% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -229% High stock price volatilityVol 12M is 104% Key risksNAKA key risks include [1] a potential Nasdaq delisting due to its low stock price, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2050% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -88% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Aging Population & Chronic Disease. Themes include Medical Cannabis Therapeutics & Clinics, Geriatric Care, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -114%, 3Y Excs Rtn is -174% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -240 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -609% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 78% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -120%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -120% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -229% |
| High stock price volatilityVol 12M is 104% |
| Key risksNAKA key risks include [1] a potential Nasdaq delisting due to its low stock price, Show more. |
Qualitative Assessment
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Updated on 10/7/2026
Nakamoto (NAKA) stock has gained about 135% since 6/30/2026 because of the following key factors:
1. Successful Transition to a Pure Bitcoin Operating Company.
Nakamoto completed the closure of its legacy healthcare clinics on June 19, 2026, solidifying its strategic pivot to a pure Bitcoin operating company. This move fully transitioned the company to focus on media and information services, asset management and financial services, and consulting and advisory services, all designed to generate recurring revenue. This strategic shift was highlighted as a clean break from its former business, signaling a clear direction for growth in the Bitcoin economy.
2. Achievement of First Positive Adjusted Operating Income in Fiscal Q2 2026.
For the fiscal second quarter ended June 30, 2026, Nakamoto reported its first positive adjusted operating income of $7.3 million since becoming a Bitcoin operating company. This was achieved on total operating revenue of $35.9 million, which included $25.6 million from media and asset management and $10.4 million from its Bitcoin treasury and derivatives strategy. Although the company reported a GAAP operating loss of $149.1 million, largely due to non-cash goodwill impairment and mark-to-market losses on Bitcoin holdings, the positive adjusted operating income was presented as a significant turning point.
Show more
Nakamoto (NAKA) stock has gained about 135% since 6/30/2026 because of the following key factors:
1. Successful Transition to a Pure Bitcoin Operating Company.
Nakamoto completed the closure of its legacy healthcare clinics on June 19, 2026, solidifying its strategic pivot to a pure Bitcoin operating company. This move fully transitioned the company to focus on media and information services, asset management and financial services, and consulting and advisory services, all designed to generate recurring revenue. This strategic shift was highlighted as a clean break from its former business, signaling a clear direction for growth in the Bitcoin economy.
2. Achievement of First Positive Adjusted Operating Income in Fiscal Q2 2026.
For the fiscal second quarter ended June 30, 2026, Nakamoto reported its first positive adjusted operating income of $7.3 million since becoming a Bitcoin operating company. This was achieved on total operating revenue of $35.9 million, which included $25.6 million from media and asset management and $10.4 million from its Bitcoin treasury and derivatives strategy. Although the company reported a GAAP operating loss of $149.1 million, largely due to non-cash goodwill impairment and mark-to-market losses on Bitcoin holdings, the positive adjusted operating income was presented as a significant turning point.
Show more
Updated on 10/7/2026
Nakamoto (NAKA) stock has gained about 135% since 6/30/2026 because of the following key factors:
1. Successful Transition to a Pure Bitcoin Operating Company.
Nakamoto completed the closure of its legacy healthcare clinics on June 19, 2026, solidifying its strategic pivot to a pure Bitcoin operating company. This move fully transitioned the company to focus on media and information services, asset management and financial services, and consulting and advisory services, all designed to generate recurring revenue. This strategic shift was highlighted as a clean break from its former business, signaling a clear direction for growth in the Bitcoin economy.
2. Achievement of First Positive Adjusted Operating Income in Fiscal Q2 2026.
For the fiscal second quarter ended June 30, 2026, Nakamoto reported its first positive adjusted operating income of $7.3 million since becoming a Bitcoin operating company. This was achieved on total operating revenue of $35.9 million, which included $25.6 million from media and asset management and $10.4 million from its Bitcoin treasury and derivatives strategy. Although the company reported a GAAP operating loss of $149.1 million, largely due to non-cash goodwill impairment and mark-to-market losses on Bitcoin holdings, the positive adjusted operating income was presented as a significant turning point.
3. Strengthened Capital Structure and Shareholder Initiatives.
Nakamoto undertook strategic capital structure initiatives, including reducing its outstanding debt by approximately $45 million and refinancing its existing loan to extend approximately $105 million USDT of principal to June 30, 2027. These actions were projected to decrease annual financing costs by about $4 million. Additionally, the Board of Directors authorized a share repurchase program of up to $25 million through December 31, 2026, reflecting confidence in the company's intrinsic value and long-term prospects.
4. Favorable Bitcoin Market Trend.
A significant surge in the price of Bitcoin, reaching above $87,000 by October 2, 2026, provided a substantial boost to Nakamoto. As a Bitcoin operating company with approximately 4,467 Bitcoin on its balance sheet as of June 30, 2026, valued at approximately $261.5 million, the increase in Bitcoin's value directly impacted the company's asset valuation and the performance of its Bitcoin treasury and derivatives strategy. This broader macroeconomic factor in the cryptocurrency market likely contributed significantly to investor optimism regarding NAKA's future performance.
Show less
Nakamoto (NAKA) stock has gained about 135% since 6/30/2026 because of the following key factors:
1. Successful Transition to a Pure Bitcoin Operating Company.
Nakamoto completed the closure of its legacy healthcare clinics on June 19, 2026, solidifying its strategic pivot to a pure Bitcoin operating company. This move fully transitioned the company to focus on media and information services, asset management and financial services, and consulting and advisory services, all designed to generate recurring revenue. This strategic shift was highlighted as a clean break from its former business, signaling a clear direction for growth in the Bitcoin economy.
2. Achievement of First Positive Adjusted Operating Income in Fiscal Q2 2026.
For the fiscal second quarter ended June 30, 2026, Nakamoto reported its first positive adjusted operating income of $7.3 million since becoming a Bitcoin operating company. This was achieved on total operating revenue of $35.9 million, which included $25.6 million from media and asset management and $10.4 million from its Bitcoin treasury and derivatives strategy. Although the company reported a GAAP operating loss of $149.1 million, largely due to non-cash goodwill impairment and mark-to-market losses on Bitcoin holdings, the positive adjusted operating income was presented as a significant turning point.
3. Strengthened Capital Structure and Shareholder Initiatives.
Nakamoto undertook strategic capital structure initiatives, including reducing its outstanding debt by approximately $45 million and refinancing its existing loan to extend approximately $105 million USDT of principal to June 30, 2027. These actions were projected to decrease annual financing costs by about $4 million. Additionally, the Board of Directors authorized a share repurchase program of up to $25 million through December 31, 2026, reflecting confidence in the company's intrinsic value and long-term prospects.
4. Favorable Bitcoin Market Trend.
A significant surge in the price of Bitcoin, reaching above $87,000 by October 2, 2026, provided a substantial boost to Nakamoto. As a Bitcoin operating company with approximately 4,467 Bitcoin on its balance sheet as of June 30, 2026, valued at approximately $261.5 million, the increase in Bitcoin's value directly impacted the company's asset valuation and the performance of its Bitcoin treasury and derivatives strategy. This broader macroeconomic factor in the cryptocurrency market likely contributed significantly to investor optimism regarding NAKA's future performance.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 136.5% change in NAKA stock from 6/30/2026 to 10/7/2026 was primarily driven by a 1021.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.95 | 9.34 | 136.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 39 | 1021.6% |
| P/S Multiple | 17.7 | 4.7 | -73.2% |
| Shares Outstanding (Mil) | 16 | 20 | -21.5% |
| Cumulative Contribution | 136.5% |
Market Drivers
6/30/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| NAKA | 136.5% | |
| Market (SPY) | 4.1% | 47.0% |
| Sector (XLF) | 0.3% | 14.4% |
Fundamental Drivers
The 5.7% change in NAKA stock from 3/31/2026 to 10/7/2026 was primarily driven by a 2686.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.84 | 9.34 | 5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 39 | 2686.7% |
| P/S Multiple | 68.5 | 4.7 | -93.1% |
| Shares Outstanding (Mil) | 11 | 20 | -45.3% |
| Cumulative Contribution | 5.7% |
Market Drivers
3/31/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| NAKA | 5.7% | |
| Market (SPY) | 19.8% | 36.0% |
| Sector (XLF) | 9.3% | 6.1% |
Fundamental Drivers
The -78.2% change in NAKA stock from 9/30/2025 to 10/7/2026 was primarily driven by a -99.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.80 | 9.34 | -78.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 39 | 2049.9% |
| P/S Multiple | 4.0 | 4.7 | 19.4% |
| Shares Outstanding (Mil) | 0 | 20 | -99.1% |
| Cumulative Contribution | -78.2% |
Market Drivers
9/30/2025 to 10/7/2026| Return | Correlation | |
|---|---|---|
| NAKA | -78.2% | |
| Market (SPY) | 17.6% | 40.5% |
| Sector (XLF) | 1.0% | 20.4% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/7/2026| Return | Correlation | |
|---|---|---|
| NAKA | ||
| Market (SPY) | 88.1% | 16.9% |
| Sector (XLF) | 69.2% | 10.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NAKA Return | - | - | - | -59% | -72% | -32% | -92% |
| Peers Return | 66% | -84% | 342% | 78% | 9% | 33% | 210% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| NAKA Win Rate | - | - | - | 25% | 33% | 50% | |
| Peers Win Rate | 48% | 31% | 77% | 48% | 58% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NAKA Max Drawdown | - | - | - | - | -99% | -83% | |
| Peers Max Drawdown | -67% | -85% | -49% | -54% | -58% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, MARA, RIOT, COIN, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/7/2026 (YTD)
How Low Can It Go
| Event | NAKA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.4% | -18.8% |
| % Gain to Breakeven | 90.1% | 23.1% |
| Time to Breakeven | 55 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -40.7% | -7.8% |
| % Gain to Breakeven | 68.7% | 8.5% |
| Time to Breakeven | 189 days | 18 days |
In The Past
Nakamoto's stock fell -47.4% during the 2025 US Tariff Shock. Such a loss loss requires a 90.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | NAKA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.4% | -18.8% |
| % Gain to Breakeven | 90.1% | 23.1% |
| Time to Breakeven | 55 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -40.7% | -7.8% |
| % Gain to Breakeven | 68.7% | 8.5% |
| Time to Breakeven | 189 days | 18 days |
In The Past
Nakamoto's stock fell -47.4% during the 2025 US Tariff Shock. Such a loss loss requires a 90.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Nakamoto (NAKA)
Nakamoto (symbol: NAKA), operating as KindlyMD, Inc., is a healthcare data company dedicated to holistic pain management and reducing the impact of the opioid epidemic. The company delivers direct outpatient clinical services that integrate prescription medicine with behavioral health therapies. Its core mission is to help chronic pain patients reduce their reliance on opioids by providing evidence-based, non-opioid alternatives in conjunction with behavioral and addiction therapy, developed by embedded prescriber and therapist teams.
KindlyMD's current main services include a variety of evaluation and management offerings such as chronic pain treatment, functional medicine, cognitive behavioral therapy, trauma and addiction therapy, recovery support, and preventative care. These services are offered on a fee-for-service basis, with forecasted plans to include reimbursement from Medicare, Medicaid, and commercial insurance payers. The company also generates revenue through product retail sales.
Beyond direct patient care, KindlyMD collects valuable data on how and why patients transition to alternative treatments, aiming to become a significant source for evidence-based guidelines and treatment models in the fight against the opioid crisis. Future revenue streams are projected to expand beyond patient services and retail to include data collection and research, educational partnerships, and service affiliate agreements, serving a broader market including researchers, healthcare institutions, and payers.
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1. Livongo Health for holistic pain management and opioid addiction.
2. 'One Medical' for chronic pain and opioid reduction, but with a mission to be a leading data platform for the opioid crisis.
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- Holistic Pain Management and Addiction Treatment Services: Provides integrated medical and behavioral health services aimed at reducing opioid use and treating chronic pain, addiction, and related conditions.
- Healthcare Data Collection and Research: Gathers valuable data on patient responses to alternative treatments and addiction patterns to inform evidence-based guidelines.
- Retail Product Sales: Sells various products, contributing to a current and forecasted revenue stream.
- Healthcare Education Partnerships: Engages in collaborations to educate healthcare providers and the public on non-opioid treatments and addiction prevention.
- Service Affiliate Agreements: Establishes partnerships for broader service delivery and market penetration.
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KindlyMD, operating under the symbol NAKA, primarily serves individual patients directly. Based on the company's description, its major customer categories are:
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Chronic Pain Patients: Individuals seeking holistic, evidence-based, and non-opioid alternatives for managing chronic pain, with a focus on reducing opioid use and dependency.
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Patients at Risk of or Recovering from Opioid Addiction/Dependency: Individuals who are seeking to prevent or reduce addiction and dependency on opiates, including those needing recovery support services, overdose education, and trauma/addiction therapy.
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Individuals Seeking General Health and Wellness Services: Patients utilizing services such as functional medicine, cognitive behavioral therapy, preventative medicine, medically managed weight loss, hormone therapy, and limited urgent care services, which contribute to overall well-being beyond specific pain or addiction treatment.
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The key risks for KindlyMD (NAKA) are:
- Reimbursement and Regulatory Risk: KindlyMD's current and forecasted revenue streams rely heavily on patient care services reimbursed by Medicare, Medicaid, and commercial insurance payers. Therefore, changes in government healthcare policies, insurance company reimbursement rates, or stricter regulations concerning pain management, opioid alternatives, and behavioral health services could significantly impact the company's financial viability and operational model.
- Data Privacy, Security, and Monetization Risk: As a "healthcare data company" that plans to generate revenue from data collection and research, KindlyMD faces substantial risks related to data privacy and security. Handling sensitive health information necessitates strict compliance with regulations like HIPAA. Data breaches, non-compliance with privacy laws, or difficulties in monetizing healthcare data due to regulatory hurdles or limited market demand could lead to significant financial penalties, reputational damage, and hinder a key forecasted revenue stream.
- Market Adoption and Efficacy of Treatment Model Risk: KindlyMD's core mission is to reduce opioid use through an integrated model of prescriber and therapist teams employing "effective and evidence-based non-opioid alternatives." The success of the business depends on the widespread acceptance and proven efficacy of this treatment model. If their methods do not gain broad market adoption among patients and healthcare providers, or if the long-term effectiveness is not adequately demonstrated or questioned, it could negatively impact patient acquisition, partnership opportunities, and the company's ability to establish itself as a credible source for treatment guidelines.
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The potential emergence of large technology companies (e.g., Google, Apple, Amazon, Microsoft) leveraging their significant data infrastructure and advanced AI/machine learning capabilities to enter the specialized market of holistic pain management and opioid addiction treatment. These entities could develop highly scalable, data-driven digital platforms offering personalized treatment programs and evidence-based guidelines, potentially surpassing KindlyMD's ability to collect and leverage proprietary data and provide integrated care on a broader scale, thus directly challenging KindlyMD's core services and its ambition to become a leading source for data and treatment models.
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Nakamoto Inc. (NAKA), which operates its healthcare services through its wholly-owned subsidiary KindlyMD, Inc., addresses several significant markets within the healthcare sector in the United States.
The primary addressable markets for Nakamoto's main products and services are:
- Addiction Treatment Market (U.S.): The U.S. addiction treatment market was valued at an estimated USD 2.44 billion in 2024 and is projected to grow to approximately USD 4.31 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 5.85% from 2025 to 2034. North America, predominantly the U.S., accounted for 37% of the global addiction treatment market in 2024.
- Opioid Use Disorder (OUD) Treatment Market (U.S.): The U.S. market for opioid use disorder treatment is substantial, with an estimated value of USD 3.37 billion in 2025, projected to reach about USD 9.48 billion by 2035, growing at a CAGR of 10.9% from 2026 to 2035. Another report estimates the U.S. OUD market at USD 3.92 billion in 2025, with a projected increase to USD 9.27 billion by 2034 at a CAGR of 9.70% from 2026–2034.
- Behavioral Health Services Market (U.S.): This market, encompassing services like cognitive behavioral therapy and trauma therapy, was valued at USD 66.79 billion in 2025 and is expected to exceed USD 96.80 billion by 2035, with a CAGR of 3.78% from 2026 to 2035. Other estimates place the U.S. behavioral health market at over USD 89 billion in 2024, anticipated to reach USD 165.4 billion by 2034 with a 6.4% CAGR from 2025 to 2034.
- Chronic Pain Management Market (U.S.): The U.S. pain management market, which includes various therapies beyond just pharmaceuticals, was valued at USD 31.18 billion in 2025, projected to reach USD 42.87 billion by 2034, growing at a CAGR of 3.6% from 2026 to 2034. The broader chronic pain market in the U.S. was valued at USD 21.2 billion in 2023 and is expected to reach USD 28.9 billion by 2034.
- Mental Health and Addiction Treatment Centers Market (U.S.): A more comprehensive market that combines mental health and addiction treatment services was estimated at USD 143.62 billion in 2024 and is projected to reach USD 408.12 billion by 2033, expanding at a CAGR of 12.3% from 2025 to 2033.
- Healthcare Data Analytics Market (U.S.): KindlyMD's focus on data collection and research falls within the U.S. healthcare analytics market, which was estimated at USD 21.21 billion in 2024 and is projected to reach USD 67.48 billion by 2033, with a CAGR of 12.76% from 2025 to 2033. The U.S. healthcare big data analytics market was valued at USD 24.7 billion in 2025 and is projected to reach USD 62.43 billion by 2034.
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The following are 3-5 expected drivers of future revenue growth for Nakamoto (NAKA) over the next 2-3 years:
- Expansion of Patient Care Services and Payer Coverage: KindlyMD anticipates significant revenue growth through the expansion of its medical evaluation and treatment visits. This includes increasing patient volume for existing services, broadening the range of specialized outpatient clinical services such as chronic pain management, functional medicine, and various therapies, and securing wider reimbursement from Medicare, Medicaid, and commercial insurance payers, in addition to self-pay services.
- Monetization of Data Collection and Research: A key driver will be the establishment of data collection and research as a dedicated revenue stream. KindlyMD collects valuable data on patient responses to alternative treatments and opioid reduction strategies, which it intends to leverage for commercial purposes.
- Development of Education Partnerships: The company plans to generate revenue through education partnerships. As KindlyMD aims to become a source for evidence-based guidelines, treatment models, and education in addressing the opioid crisis, these partnerships will provide a new avenue for growth.
- Formation of Service Affiliate Agreements: KindlyMD expects future revenue growth from establishing service affiliate agreements, indicating a strategy to partner with other entities to extend its service reach or offerings.
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Share Repurchases
- In December 2025, KindlyMD authorized a share repurchase program for up to $10 million of its outstanding common stock.
- As of available records, no actual share repurchases have been made under the authorized program.
Share Issuance
- In August 2025, KindlyMD announced a $5 billion at-the-market (ATM) equity offering program to be used for general corporate purposes, including its Bitcoin Treasury Strategy, working capital, acquisitions, and capital expenditures.
- As part of its merger with Nakamoto Holdings Inc. in August 2025, KindlyMD engaged in a $710 million Private Investment in Public Equity (PIPE) offering, consisting of $510 million in common shares and pre-funded warrants, and $200 million in senior secured convertible notes.
- In February 2026, Nakamoto Inc. issued approximately 364.8 million shares of common stock, valued at about $81.6 million, to complete the all-stock acquisitions of BTC Inc. and UTXO Management.
Inbound Investments
- KindlyMD raised approximately $540 million from a private placement and secured $200 million in convertible notes in August 2025 as part of its merger with Nakamoto Holdings Inc., intended to fund Bitcoin purchases.
Outbound Investments
- In August 2025, KindlyMD acquired 5,743.91 Bitcoin for approximately $679 million, bringing its total holdings to 5,764.91 BTC.
- In February 2026, Nakamoto Inc. completed the acquisitions of BTC Inc. and UTXO Management through an all-stock transaction valued at roughly $81.6 million, expanding its Bitcoin-native enterprise portfolio.
Capital Expenditures
- Nakamoto Inc. reported capital expenditures of $13.3K in December 2021.
- In Q3 2024, capital expenditures by Nakamoto Inc. were $2.
Peer Outperformance in Diversified Capital Markets
nullShare of Diversified Capital Markets constituents that NAKA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
18%
of 34 industry peers · -77.1% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Diversified Capital Markets is NAKA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 12.0% | 63.7% | 110.0% | SPNT 162% · RGA 133% · RNR 127% |
| Investment Banking & Brokerage | 13 | -5.0% | 101.1% | 91.5% | IBKR 403% · SNEX 199% · HOOD 162% |
| Diversified Banks | 12 | 26.4% | 123.8% | 89.8% | CM 133% · RY 122% · JPM 119% |
| Life & Health Insurance | 20 | 8.1% | 47.8% | 83.5% | JXN 496% · UNM 283% · MFC 167% |
| Multi-Sector Holdings | 4 | 4.0% | 52.0% | 71.3% | JONE 361% · BRK-B 78% · VOYA 64% |
| Property & Casualty Insurance | 42 | 4.0% | 72.0% | 57.1% | ASIC 2546900% · HRTG 393% · UVE 307% |
| Multi-line Insurance | 9 | 5.0% | 68.4% | 48.8% | GNW 134% · L 87% · AIZ 79% |
| Regional Banks | 263 | 23.9% | 87.0% | 46.3% | GCBC 332% · ESQ 289% · PBAM 247% |
| Financial Exchanges & Data | 15 | -0.5% | 17.0% | 27.2% | VIRT 174% · CBOE 138% · CME 65% |
| Consumer Finance | 30 | 0.1% | 85.7% | 18.1% | ENVA 411% · EZPW 269% · FCFS 158% |
| Diversified Financial Services | 4 | -5.8% | 21.2% | 15.5% | FRHC 173% · EQH 91% · TMS -60% |
| Asset Management & Custody Banks | 82 | -10.8% | 17.2% | 9.1% | WT 352% · SII 262% · VCTR 255% |
| Insurance Brokers | 16 | -25.6% | -8.3% | 8.4% | LIFE 294% · ARX 88% · CRD-A 62% |
| Commercial & Residential Mortgage Finance | 13 | -55.3% | 15.3% | -5.1% | FNMA 434% · FMCC 411% · ACT 175% |
| Specialized Finance | 3 | 8.0% | 36.6% | -13.4% | EFC 16% · CACC -13% · HASI -14% |
| Mortgage REITs | 33 | -15.7% | -1.7% | -35.2% | NREF 45% · RITM 28% · DX 16% |
| Transaction & Payment Processing Services | 17 | -3.7% | -5.7% | -41.2% | V 68% · MA 65% · CPAY 53% |
| Diversified Capital Markets ← | 20 | -45.6% | 12.4% | -60.1% | OPY 162% · LPLA 99% · GOLD 41% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Kindly MD Earnings Notes | 12/16/2025 | |
| Can Kindly MD Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.64 |
| Mkt Cap | 7.7 |
| Rev LTM | 586 |
| Op Inc LTM | -208 |
| FCF LTM | -1,168 |
| FCF 3Y Avg | -787 |
| CFO LTM | -68 |
| CFO 3Y Avg | -60 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.2% |
| Rev Chg 3Y Avg | 49.5% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | -64.7% |
| Op Inc Chg 3Y Avg | -146.0% |
| Op Mgn LTM | -59.6% |
| Op Mgn 3Y Avg | -59.8% |
| QoQ Delta Op Mgn LTM | -1.9% |
| CFO/Rev LTM | -50.6% |
| CFO/Rev 3Y Avg | -54.9% |
| FCF/Rev LTM | -158.4% |
| FCF/Rev 3Y Avg | -196.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare operations | 2 | 3 | |||
| Bitcoin Operations | 0 | 0 | |||
| Other | 0 | 0 | |||
| Patient care services | 4 | 4 | 2 | ||
| Product retail sales | 0 | 0 | 0 | ||
| Service affiliate agreements | 0 | ||||
| Total | 2 | 3 | 4 | 4 | 3 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Healthcare operations | -7 | -3 |
| Other | -13 | 0 |
| Bitcoin Operations | -177 | 0 |
| Total | -197 | -3 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Bitcoin Operations | 508 | 0 |
| Other assets | 220 | 0 |
| Healthcare operations | 2 | 4 |
| Total | 731 | 4 |
Price Behavior
Price Behavior
| Market Price | $9.34 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 05/31/2024 | |
| Distance from 52W High | -77.1% | |
| 50 Days | 200 Days | |
| DMA Price | $7.35 | $8.78 |
| DMA Trend | down | up |
| Distance from DMA | 27.1% | 6.3% |
| 3M | 1YR | |
| Volatility | 100.0% | 104.2% |
| Downside Capture | 156.78 | 496.59 |
| Upside Capture | 597.69 | 242.45 |
| Correlation (SPY) | 46.4% | 40.6% |
NAKA Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.57 | 4.12 | 4.39 | 2.98 | 3.23 | 1.23 |
| Up Beta | 2.44 | 0.39 | 3.27 | 2.61 | 2.86 | -0.41 |
| Down Beta | 10.93 | 4.56 | 3.89 | 2.13 | 2.47 | 0.92 |
| Up Capture | 784% | 1015% | 1133% | 432% | 433% | 49% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 13 | 25 | 36 | 60 | 106 | 245 |
| Down Capture | 195% | 136% | 180% | 266% | 191% | 112% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 9 | 17 | 28 | 65 | 145 | 331 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NAKA | |
|---|---|---|---|---|
| NAKA | -77.5% | 103.9% | -0.96 | - |
| Sector ETF (XLF) | 1.3% | 14.8% | -0.13 | 20.8% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 40.8% |
| Gold (GLD) | 3.2% | 29.5% | 0.11 | 22.6% |
| Commodities (DBC) | 44.6% | 20.9% | 1.66 | 1.0% |
| Real Estate (VNQ) | 1.6% | 13.7% | -0.13 | 4.1% |
| Bitcoin (BTCUSD) | -31.7% | 44.2% | -0.73 | 59.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NAKA | |
|---|---|---|---|---|
| NAKA | -40.1% | 253.7% | 0.41 | - |
| Sector ETF (XLF) | 8.9% | 18.3% | 0.35 | 10.6% |
| Equity (SPY) | 13.8% | 17.1% | 0.62 | 16.9% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | -1.2% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | -0.9% |
| Real Estate (VNQ) | 0.8% | 18.8% | -0.07 | 1.8% |
| Bitcoin (BTCUSD) | 15.5% | 52.2% | 0.46 | 11.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NAKA | |
|---|---|---|---|---|
| NAKA | -22.6% | 253.7% | 0.41 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | 10.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 16.9% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | -1.2% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | -0.9% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 1.8% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | 2.0% | 43.2% | 57.8% |
| 5/13/2026 | 8.4% | -7.0% | -36.4% |
| 11/19/2025 | -9.6% | -7.2% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 1 |
| # Negative | 1 | 2 | 2 |
| Median Positive | 5.2% | 43.2% | 57.8% |
| Median Negative | -9.6% | -7.1% | -30.1% |
| Max Positive | 8.4% | 43.2% | 57.8% |
| Max Negative | -9.6% | -7.2% | -36.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | 2.0% | 43.2% | 57.8% |
| 5/13/2026 | 8.4% | -7.0% | -36.4% |
| 11/19/2025 | -9.6% | -7.2% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 1 |
| # Negative | 1 | 2 | 2 |
| Median Positive | 5.2% | 43.2% | 57.8% |
| Median Negative | -9.6% | -7.1% | -30.1% |
| Max Positive | 8.4% | 43.2% | 57.8% |
| Max Negative | -9.6% | -7.2% | -36.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 06/27/2024 | 10-Q |
| 12/31/2023 | 05/15/2024 | 424B4 |
| 06/30/2023 | 09/20/2023 | S-1 |
| 03/31/2023 | 06/20/2023 | DRS/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 06/27/2024 | 10-Q |
| 12/31/2023 | 05/15/2024 | 424B4 |
| 06/30/2023 | 09/20/2023 | S-1 |
| 03/31/2023 | 06/20/2023 | DRS/A |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/14/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Healthcare Operations Expenses | Reported | |||||||
Insider Activity
Updated 9/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Evans, Tyler Matthew | Chief Investment Officer | Direct | Sell | 9172026 | 7.63 | 982 | 7,493 | 4,400,709 | Form |
| 2 | Bailey, David F | Chief Executive Officer | Direct | Buy | 8202026 | 5.12 | 4,918 | 25,161 | 16,271,298 | Form |
| 3 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.62 | 55,115 | 309,516 | 17,832,898 | Form |
| 4 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 4.84 | 104,833 | 507,342 | 15,101,076 | Form |
| 5 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.58 | 31,500 | 175,770 | 16,826,646 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Evans, Tyler Matthew | Chief Investment Officer | Direct | Sell | 9172026 | 7.63 | 982 | 7,493 | 4,400,709 | Form |
| 2 | Bailey, David F | Chief Executive Officer | Direct | Buy | 8202026 | 5.12 | 4,918 | 25,161 | 16,271,298 | Form |
| 3 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.62 | 55,115 | 309,516 | 17,832,898 | Form |
| 4 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 4.84 | 104,833 | 507,342 | 15,101,076 | Form |
| 5 | Bailey, David F | Chief Executive Officer | Direct | Buy | 5282026 | 5.58 | 31,500 | 175,770 | 16,826,646 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/7/2026