Bitcoin treasury firm Nakamoto down 7% following name change update
Bitcoin treasury firm Nakamoto Inc. (NAKA) saw its stock drop over 7% following its official rebranding from its previous form after merging with KindlyMD.Summary
The bitcoin treasury firm backed by BTC Inc. CEO David Bailey has officially changed its name to Nakamoto Inc. (Nasdaq: NAKA), following a corporate merger with healthcare operator KindlyMD, which will continue as a wholly owned subsidiary.
Bailey, who serves as chair and CEO, stated the rebranding reinforces Nakamoto's identity as a Bitcoin company built for the future, aiming to eliminate ambiguity about its objectives. Nakamoto is one of several buzzy digital asset treasury (DAT) firms launched recently, though it remains significantly smaller than giants like Michael Saylor’s MicroStrategy, which holds over 709,000 BTC.
Following the name change announcement on Wednesday, NAKA dropped over 7% to trade around $0.39, a sharp decline from its all-time high closing price of $25.03 recorded on May 27 after Bailey announced the firm's bitcoin accumulation plan. Nakamoto has been actively investing directly in bitcoin and has backed other ventures, including Metaplanet's equity offering and an EU-based bitcoin treasury play, with a stated goal of eventually acquiring 5% of Bitcoin's 21 million supply.
(Source：The Block)