Bitcoin treasury company Nakamoto has signed definitive agreements to acquire media and events firm BTC Inc. and asset management firm UTXO Management.
The all-stock deal, valued at approximately $107.3 million, will see Nakamoto issue 363.3 million shares and is expected to close in the first quarter of 2026.
BTC Inc. is known for its Bitcoin Magazine, The Bitcoin Conference, and enterprise programs. UTXO Management advises 210k Capital, a hedge fund focused on bitcoin-related markets.
"This transaction signifies the first step of the company we intend to build, and we’re just getting started," said David Bailey, CEO of Nakamoto, who also leads BTC Inc. This makes the transaction related-party.
Concerns have been raised regarding shareholder dilution due to Nakamoto's stock price decline and the nature of the transaction. The deal's value has significantly decreased from its original proposed valuation of over $400 million, reflecting Nakamoto's current stock trading below 30 cents.