Nasdaq-listed Nakamoto Inc. (NASDAQ: NAKA) has completed a dramatic transformation, shutting down all healthcare operations to focus exclusively on Bitcoin. The Nashville-based company ceased operations of its Salt Lake City pain-management clinics on June 19, 2026, with final administrative work expected to wrap up in the third quarter. According to the company's statement, Chairman and CEO David Bailey confirmed that with healthcare clinics now closed, Nakamoto continues to execute its strategy as a Bitcoin operating company. The pivot represents a complete departure from Nakamoto's original identity as KindlyMD, a healthcare provider focused on pain management and opioid-alternative care, which was founded through a May 2025 merger with Nakamoto Holdings and rebranded to Nakamoto in early 2026.
Nakamoto now operates three crypto-native business lines following the healthcare shutdown. The company holds approximately 4,467 BTC, worth roughly $278.5 million as per Bitcointreasuries.net, positioning it well behind larger corporate holders such as Strategy (NASDAQ: MSTR) and SpaceX (NASDAQ: SPCX). The business portfolio includes media and information services through BTC Inc., publisher of Bitcoin Magazine and host of The Bitcoin Conference; asset management and financial services via UTXO Management; and a consulting and advisory practice. The company has been actively building its Bitcoin treasury and acquiring crypto-related businesses, including BTC Inc. and UTXO Management.
The Bitcoin pivot has come at significant cost to shareholders, with NAKA stock dropping 99% over the past year, 71% year-to-date, and 44% in the past month. The company posted a $238.8 million net loss in the first quarter of 2026, driven largely by non-cash markdowns on its Bitcoin holdings and integration costs from recent acquisitions. In March, Nakamoto sold 284 BTC and booked a $166.2 million fair-value loss for 2025, while in June, it sold around 600 BTC to repay a debt obligation to crypto exchange Kraken. The stock was trading near $4 with a 2.30% intraday gain at press time, though it remains significantly below its previous levels.
In December 2025, Nakamoto disclosed that Nasdaq had issued a delisting notice after its shares traded below the exchange's $1 minimum bid for 30 consecutive business days. The company had 180 calendar days to regain compliance by trading above $1 for at least 10 straight sessions, starting December 10, 2025. In April, Nakamoto sought shareholder approval for a reverse stock split between 1-for-20 and 1-for-50, and on May 20, announced a 1-for-40 split effective May 22. The "NAKA" ticker remained the same under a new CUSIP, with outstanding shares falling from approximately 696.1 million to about 17.4 million following the reverse split.
