Nakamoto has taken a significant step in the media and investment landscape by signing definitive agreements to acquire the well-known media company Bitcoin Magazine, which includes its popular international conference series, the Bitcoin Conference, alongside investment firm UTXO Management. This strategic move aims to unify media operations, asset management, and advisory services under a singular public entity, enhancing Nakamoto’s position in the cryptocurrency sector.
The acquisition is structured as an all-stock transaction, valued at approximately $107.3 million, based on Nakamoto’s closing price on February 13 of $0.2951. As part of this agreement, Nakamoto will issue around 363.6 million shares to the securityholders of the two companies. When assessed using the contractual strike price of $1.12 per share established in previous agreements, the overall deal value approaches roughly $407 million.
Bitcoin Magazine has established itself as a leading force in cryptocurrency media and events. The Bitcoin Conference attracted around 67,000 attendees in 2025 and spans multiple continents, further solidifying its influence in the crypto community. Additionally, the magazine operates under a robust portfolio of 27 media brands and hosts a corporate membership platform known as Bitcoin for Corporations.
Simultaneously, UTXO Management has distinguished itself as an advisory entity for the hedge fund 210k Capital, LP, specializing in Bitcoin and derivatives. The firm reported strong performance metrics in 2024, particularly in its focus on companies that maintain “Bitcoin Treasury” holdings.
This acquisition follows a series of strategic financial maneuvers by Nakamoto, including a $10 million share repurchase program initiated in December 2025, which was a response to a Nasdaq delisting notice the company received. This initiative was crucial in addressing downward pressure on the stock, which had fallen below the $1.00 minimum threshold.
To bolster its financial standing, Nakamoto also refinanced its debts earlier in December by securing a $210 million Bitcoin-backed loan from Kraken, effectively replacing prior obligations to Antalpha. This move indicates a more aggressive approach to capital management, especially in light of the company’s substantial $86 million net loss reported for the third quarter of 2025.
The announcement of this deal came earlier in the summer, and the expected consolidation was long awaited. However, NAKA shares have experienced notable volatility throughout late 2025, often trading at a discount relative to the company’s Bitcoin holdings, primarily due to equity unlocks.
The transaction is anticipated to conclude in the first quarter of 2026, with no further shareholder approval needed, as the previous option to acquire had already been sanctioned. This acquisition underscores Nakamoto’s commitment to positioning itself as a leader in the evolving cryptocurrency landscape, melding media promotion with investment strategy.
