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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.
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Feb 20, 2026 • 1 min read

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.

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