Nakamoto
NAKA on Nasdaq. Nakamoto sells Bitcoin exposure, media and events to investors and Bitcoin companies. Market value $180m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We don't have this figure for this company.
What you pay for each dollar of net assets: $0.72.
Profit per $100 you pay: $-245.57.
Quality score: not known. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$9.57 a share, 187% above its 1-year low
Over the past year the price has ranged from $3.33 to $42.80.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $3m | $2m |
| Operating margin | ||
| Operating margin | n/a | n/a |
| Debt to equity | ||
| Debt to equity | n/a | n/a |
| Shares outstanding | ||
| Shares outstanding | 0.44bn | 0.02bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 96% fewer since 2024
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $25 million last quarter, up 6130% on a year ago.
- A loss of $133 million, compared with a loss of $2 million a year ago.
- 11665% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $647,867 |
| December 2024 | $603,887 |
| March 2025 | $580,000 |
| June 2025 | $408,527 |
| September 2025 | $388,209 |
| December 2025 | $444,924 |
| March 2026 | $2m |
| June 2026 | $25m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$1m |
| December 2024 | -$1m |
| March 2025 | -$1m |
| June 2025 | -$2m |
| September 2025 | -$86m |
| December 2025 | $37m |
| March 2026 | -$239m |
| June 2026 | -$133m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 34 funds in all.
Largest holders overall
- UBS Group AG$2m
- Alyeska Investment Group, L.P.$1m
- Yorkville Advisors Global, LP$918,375
- BlackRock$762,496
- Millennium Management$667,981
- Geode Capital Management$522,690
- Vanguard Capital Management$486,502
- Saba Capital Management, L.P.$473,652
- Stratos Wealth Partners$445,291
- VAN ECK Associates$440,848
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- David BaileyInsider or founder18.3%+0.9 ptsSince 28 May 2026
What they said
The Reporting Person is the Chief Executive Officer and Chairman of the Board of Directors of the Issuer (the "Board"), and, accordingly, in such capacity, may have influence over the corporate activities of the Issuer, including activities which may relate to items described in…
Read the filing - Bailey Calli SullivanPassive investor16.0%Since 20 February 2026
- Alyeska Investment Group, L.P.Passive investorat least 3.7%−2.2 pts(filed with 2 related holders)Since 31 March 2026
- Gus Doodle LLCPassive investorSold down below 5%Since 12 May 2025
| Holder | Stake | Since | |
|---|---|---|---|
David Bailey Insider or founder | 18.3%+0.9 pts | 28 May 2026 | What they saidThe Reporting Person is the Chief Executive Officer and Chairman of the Board of Directors of the Issuer (the "Board"), and, accordingly, in such capacity, may have influence over the corporate activities of the Issuer, including activities which may relate to items described in… Read the filing |
Bailey Calli Sullivan Passive investor | 16.0% | 20 February 2026 | |
Alyeska Investment Group, L.P. Passive investor | at least 3.7%−2.2 pts (filed with 2 related holders) | 31 March 2026 | |
Gus Doodle LLC Passive investor | Sold down below 5% | 12 May 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1m of shares on the open market. 1 sold $7,493.
- Evans Tyler MatthewChief Investment Officer, DirectorSold
- Date
- 15 September 2026
- Shares
- 982
- Price
- $7.63
- Value
- $7,493
- Bailey David FChief Executive Officer, DirectorBought
- Date
- 20 August 2026
- Shares
- 4,852
- Price
- $6.27
- Value
- $30,410
- Bailey David FChief Executive Officer, DirectorBought
- Date
- 19 August 2026
- Shares
- 32,134
- Price
- $5.59
- Value
- $179,580
- Bailey David FChief Executive Officer, DirectorBought
- Date
- 18 August 2026
- Shares
- 4,918
- Price
- $5.12
- Value
- $25,161
- Bailey David FChief Executive Officer, DirectorBought
- Date
- 28 May 2026
- Shares
- 55,115
- Price
- $5.62
- Value
- $309,516
- Bailey David FChief Executive Officer, DirectorBought
- Date
- 27 May 2026
- Shares
- 104,833
- Price
- $4.84
- Value
- $507,342
- Bailey David FChief Executive Officer, DirectorBought
- Date
- 26 May 2026
- Shares
- 31,500
- Price
- $5.58
- Value
- $175,770
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Evans Tyler Matthew Chief Investment Officer, Director | Sold | 982 | $7.63 | $7,493 |
| 20 August 2026 | Bailey David F Chief Executive Officer, Director | Bought | 4,852 | $6.27 | $30,410 |
| 19 August 2026 | Bailey David F Chief Executive Officer, Director | Bought | 32,134 | $5.59 | $179,580 |
| 18 August 2026 | Bailey David F Chief Executive Officer, Director | Bought | 4,918 | $5.12 | $25,161 |
| 28 May 2026 | Bailey David F Chief Executive Officer, Director | Bought | 55,115 | $5.62 | $309,516 |
| 27 May 2026 | Bailey David F Chief Executive Officer, Director | Bought | 104,833 | $4.84 | $507,342 |
| 26 May 2026 | Bailey David F Chief Executive Officer, Director | Bought | 31,500 | $5.58 | $175,770 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Nakamoto’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 9 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on that evaluation, our Company’s principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective, as of June 30, 2026, due to the material weakness in internal control over financial reporting described in Part II, Item 9A of our Form 10-K.”
Show the full paragraph
Our Company conducted an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this Form 10-Q. Based on that evaluation, our Company’s principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective, as of June 30, 2026, due to the material weakness in internal control over financial reporting described in Part II, Item 9A of our Form 10-K.
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On June 17, 2026, the Audit Committee of the Board of Directors of Nakamoto Inc., a Delaware corporation (the “ Company ”), dismissed Sadler, Gibb & Associates, LLC (“ Sadler ”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 22 June 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.