Nakamoto Inc. (NASDAQ: NAKA) closed its Salt Lake City pain-management clinics on June 19 and announced on June 22 that final administrative work is expected to wrap up in the third quarter. The Nashville-based company completed a strategic pivot from healthcare provider to Bitcoin operating company. Nakamoto was originally KindlyMD, a healthcare provider focused on pain management, before a May 2025 merger with Nakamoto Holdings and a rebrand to Nakamoto in early 2026. The clinic closure eliminates all patient-facing healthcare operations as the company focuses on three Bitcoin business lines: media and information services through BTC Inc., asset management via UTXO Management, and consulting.
Nakamoto Inc. Closes Healthcare Operations on June 19
The clinics ceased operations on June 19, with final administrative work expected to wrap up in the third quarter, the Nashville-based company said on June 22. Nakamoto Holdings was founded by David Bailey, a veteran crypto investor and a crypto advisor to Donald Trump during the 2024 presidential campaign. The healthcare arm had continued operating under Kindly LLC even as the parent company built up a Bitcoin treasury and acquired BTC Inc. and UTXO Management. With the June 19 closure, no patient-facing healthcare operations remain.
Chairman and Chief Executive Officer David Bailey said in a statement, "With our healthcare clinics now closed, Nakamoto continues to be focused on executing its strategy as a Bitcoin operating company."
Nakamoto Inc. Operates Three Bitcoin Business Lines
Nakamoto now operates three business lines, all crypto-native. This includes media and information services through BTC Inc., publisher of Bitcoin Magazine and host of The Bitcoin Conference; asset management and financial services via UTXO Management; and a consulting and advisory practice.
The company holds about 4,467 BTC, worth roughly $278.5 million, as per Bitcointreasuries.net, placing it well behind larger corporate holders such as Strategy (NASDAQ: MSTR) and SpaceX (NASDAQ: SPCX). In March, Nakamoto sold 284 BTC and booked a $166.2 million fair-value loss for 2025, and in June, it sold around 600 BTC to repay a debt obligation to crypto exchange Kraken.
Nakamoto Inc. Stock Drops 99% Over Past Year
The pivot has come at a steep cost to shareholders. NAKA was up 2.30% intraday and trading near $4 at press time, but the stock has dropped 99% over the past year, 71% year to date and 44% in the past month. Nakamoto also posted a $238.8 million net loss in the first quarter of 2026, driven largely by non-cash markdowns on its Bitcoin holdings and integration costs from its recent acquisitions.
In December 2025, the company disclosed in an SEC filing that Nasdaq had issued a delisting notice after its shares traded below the exchange's $1 minimum bid for 30 consecutive business days. Starting Dec. 10, 2025, Nakamoto had 180 calendar days to regain compliance by trading above $1 for at least 10 straight sessions. In April, it sought shareholder approval for a reverse stock split between 1-for-20 and 1-for-50. On May 20, it announced a 1-for-40 split, effective May 22. The "NAKA" ticker stayed the same under a new CUSIP, and outstanding shares fell from roughly 696.1 million to about 17.4 million.
Meanwhile, Bitcoin itself has cratered to $59,725, having dropped over 4.4% in the past 24 hours.
FAQ
What did Nakamoto Inc. do on June 19?
Nakamoto Inc. (NASDAQ: NAKA) closed its Salt Lake City pain-management clinics on June 19, eliminating all patient-facing healthcare operations to focus entirely on Bitcoin business lines.
Why did Nakamoto Inc. close its healthcare clinics?
The company closed its healthcare clinics to execute its strategy as a Bitcoin operating company. Chairman and CEO David Bailey stated that Nakamoto continues to focus on its Bitcoin operations following the June 19 clinic closure.
How has Nakamoto Inc. stock performed over the past year?
NAKA stock has dropped 99% over the past year, 71% year to date, and 44% in the past month. The stock was trading near $4 at press time after a 2.30% intraday gain. In December 2025, Nasdaq issued a delisting notice, and the company executed a 1-for-40 reverse stock split effective May 22 to regain compliance.
