Nakamoto Inc., the Bitcoin treasury company founded by David Bailey, is acquiring his other companies, BTC Inc. and UTXO Management, in a controversial deal that raises governance concerns since it dilutes existing shareholders by issuing 363.6 million new shares valued at $1.12 each. This transaction comes amid a tumultuous period for Nakamoto, whose stock has plummeted 99% since May 2025, leading to skepticism from market watchers, including short seller Jim Chanos, who has been critical of the Bitcoin treasury trend. The acquisition, which is valued at $407 million on paper, is also suspect as Bailey misreported the revenue of the acquired companies, initially claiming over $100 million but later correcting it to $78 million.
Nakamoto Inc. acquires BTC Inc. and UTXO Management, raising concerns
