Done Deal: Nakamoto Closes $107M All-Stock Takeover of CEO David Bailey's BTC Inc. & UTXO
The merger, announced on Tuesday, was expected to close sometime this quarter.
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
Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
