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David Bailey has consolidated his 
Bitcoin empire. After market close on Friday, Nakamoto Inc. (NAKA) announced that it had completed the $107M all-stock acquisition BTC Inc. and UTXO Management, bringing Bailey's media, capital, and advisory group under one publicly traded roof.
What's the Scoop?
- NAKA Acquisition: Nakamoto Inc. – a BTC treasury company – has completed its merger with BTC Inc. and UTXO Management. The transaction (announced February 17) transfered 363M NAKA to BTC Inc. and UTXO shareholders, nearly doubling the outstanding share count, and was expected to close sometime in the first quarter of 2026.
- Investor Concerns: David Bailey is Chairman and CEO of Nakamoto Inc., Chairman of BTC Inc., and General Partner of UTXO Management. Though the deal's all-stock nature somewhat ties Bailey's payout to NAKA's performance, some questioned whether shareholders' best interests were upheld by the deal, perceiving potential conflicts of interest given Bailey’s overlapping leadership roles.
UPDATE: Nakamoto Completes Acquisition of BTC Inc and UTXO Management pic.twitter.com/j9dER4TzEY
— Nakamoto (@nakamoto) February 20, 2026
