Nakamoto Enters BTC Treasury War 🥷🏼
Hello dispatchers, Tuesdays are for Treasury wars.
Type, type, type...
That's how Nakamoto's (no, not Satoshi Nakamoto) typewriter-styled website rolled out the text about crypto's newest Bitcoin treasury challenger.
Exactly a fortnight after another company led by giants (think of Tether, Cantor and SoftBank) came up with a pure-play Bitcoin company challenging Michael Saylor’s Strategy, Nakamoto Holdings is crashing the party with a $710 million war chest and a playbook that would make Satoshi proud.
In today's Bitcoin treasury soap opera, we tell you:
How Nakamoto's launch is tightening the BTC treasury competition
Bernstein's $330 billion prediction that has everyone reaching for the popcorn
Why corporate treasuries are suddenly the hottest ticket in crypto
A hotel company now hodls more sats than 6th largest nation-state BTC holder
Own is Making Things Possible
Ever wanted to own a piece of real-world assets: like real estate, startups, or art, without the red tape, middlemen, or huge upfront costs?
It’s the first Ethereum Layer 2 built specifically for the creation, management, and distribution of tokenized real-world assets (RWAs). That means you can invest in tangible things property, equity, and collectibles fully onchain.
No paperwork
No waiting for weeks
No “just trust us” platforms
You actually own the asset, not just a promise.
It’s faster, cheaper, and open to anyone, not just institutions or the ultra-wealthy.
Whether you're a DeFi native or just crypto-curious, Own is where real-world value meets blockchain - Check it out!
This isn’t hype. This is ownership - finally made real.
Nakamoto's Bitcoin Play
Nakamoto Holdings, founded by David Bailey, the CEO of Bitcoin Magazine, announced its merger with healthcare provider KindlyMD in a deal that transforms an opioid treatment company into Bitcoin's newest treasury contender.
Why name it Nakamoto, though?
"The financial institutions who defined their chapter in history have all carried the names of their founders: Medici, Rothschild, Morgan, Goldman. Today, we stake that legacy on Nakamoto," Bailey said.
Mission? “Establish a Bitcoin standard across global capital markets.”
That’s what Nakamoto’s fancy website read.
The move comes two weeks after Jack Mallers' Twenty One Capital emerged with its $4 billion Bitcoin treasury play.
Read: Can Twenty One Emulate Strategy's Play?🎮
If you thought Mallers’ pure-play Bitcoin treasury was a pioneering bet, wait to hear about Bailey’s plan. He's building what he calls "the first publicly traded conglomerate of Bitcoin companies.”
Bailey’s financial play includes a fully committed $510 million private placement in public equity (PIPE financing) and $200 million in convertible notes.
The PIPE financing attracted over 200 investors across six continents, with names like Adam Back, Balaji Srinivasan, Eric Semler (CEO of Semler Scientific) and Simon Gerovich (CEO of Metaplanet) joining the cast, suggesting this production has serious financial backing.
How will this be different from what Saylor’s Strategy and Mallers’ Twenty One doing?
“Nakamoto’s vision is to bring Bitcoin to the centre of global capital markets, packaging it into equity, debt, preferred shares, and new hybrid structures that every investor can understand and own. Our mission is simple: list these instruments on every major exchange in the world,” Bailey explained the approach.
Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with your name in the next Thursday’s News Rollups.
Treasury Race Intensifies
Alongside Nakamoto’s grand entrance, Strategy (formerly MicroStrategy) was having another casual Monday at work. Bought another 13,390 BTC purchase worth $1.34 billion.
Strategy’s Bitcoin treasury now holds a staggering 568,840 BTC, about 2.8% of Bitcoin's total supply.
That’s 122,440 BTC in just 2025, more than most entire companies hold in their treasuries.
Jack Mallers' project positioned itself as a purer play than Strategy, but now faces competition from Bailey's broader "ecosystem of Bitcoin companies" approach.
Even Coinbase revealed it had purchased $153 million worth of crypto assets, primarily Bitcoin in the last quarter.
"There were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto — into Bitcoin specifically," Armstrong told Bloomberg. "We made a conscious choice about risk."
Today, the race is evolving beyond simple Bitcoin accumulation into a corporate identity contest.
Who can most convincingly rebrand as a "Bitcoin company"? Strategy pivoted from software, Twenty One brought in traditional finance players, and now Nakamoto is merging with a healthcare provider. The common thread? An insatiable appetite for satoshis.
This appetite is also being matched across the Pacific.
Metaplanet, a Japanese company that started buying Bitcoin only last year, added 1,241 BTC to its balance sheet, totalling 6,796 Bitcoin, worth about $700 million in its treasury. That’s more than the cryptocurrency owned by the sixth largest nation-state hodler, El Salvador.
Read: El Salvador's Bitcoin Tightrope Act 🌋
Metaplanet isn’t alone. It’s got company from Tokyo’s Beat Holdings whose board approved raising its Bitcoin investment cap from $6.8 million to $34 million last week.
Reason? “When countries face de-globalisation and escalating trade wars, it seems they often respond by implementing expansionary monetary and fiscal policies to boost liquidity,” the company said.
The company now holds 143,230 units of BlackRock's iShares Bitcoin Trust.
Get 17% discount on our annual plans and access our weekly premium features (Mempool, Game On, News Rollups, HashedIn, Wormhole and Rabbit hole) and subscribers only posts. Also, show us some love on Twitter and Telegram.
The $330-Billion Question
How far could this corporate Bitcoin treasure hunt go?
We're just scratching the surface, hints Bernstein analysts’ latest estimates.
The corporate Bitcoin treasury strategy could funnel a jaw-dropping $330 billion into corporate Bitcoin treasuries by 2029.
"Small companies with low growth-high cash have better market fit with the MSTR Bitcoin playbook, there is no visible road ahead for them for value creation, and the success of the MSTR model offers them a rare growth path," the analysts wrote in a recent note.
In simpler words, we're talking about roughly 3.3 million more Bitcoin, at current prices, being vacuumed up by corporate treasuries in the next four years. That's over 15% of the entire Bitcoin supply being locked away in corporate vaults within the next five years.
Still puzzled on why so much demand for Bitcoin? Coinbase answers this in a short and simple ad.
What happens when every company wants a piece of the 21 million pie? With each new corporate entrant, the Bitcoin treasury playbook becomes more legitimised, creating a potential feedback loop that accelerates adoption. The corporate FOMO cycle has barely begun.
Token Dispatch View 🔍
The battle of Bitcoin treasury titans is turning it something more than corporations racing to accumulate BTC. It’s transforming how companies view their balance sheets.
We couldn’t agree more with Bailey's declaration that "We believe a future is coming where every balance sheet – public or private – holds Bitcoin.” We're witnessing the early stages of a new financial paradigm.
Some critical dimensions are emerging from this corporate Bitcoin rush.
First, the velocity is staggering. Consider this: Metaplanet surpassed an entire nation's Bitcoin holdings in a year. Strategy added 122,440 BTC in less than five months. The speed of corporate adoption is outpacing even the most bullish predictions from previous cycles.
Second, the diversity of players signals Bitcoin's broadening appeal. From software companies to healthcare providers, from Japanese hotel groups to investment firms, Bitcoin is transcending industry boundaries. Gone is the era of some American tech firms experimenting with a cryptic currency the rest of the world dabbled rarely with. Bitcoin is now a global phenomenon cutting across sectors and continental boundaries.
Third, the competitive dynamics are transforming the market structure. Each new corporate entrant along with adding buying pressure, are creating legitimisation feedback loops that make it easier for the next company to follow. Strategy made Twenty One Capital possible. Twenty One made Nakamoto a reality. Nakamoto will make the next Bitcoin treasury venture inevitable.
As more Bitcoin becomes locked in corporate treasuries, the available supply for retail investors shrinks, potentially creating a supply shock that even the most conservative models haven't fully accounted for.
The race is on. Not just to accumulate Bitcoin, but to secure a position in the financial order of tomorrow. The companies making these moves today are no longer merely betting on Bitcoin's price appreciation; they're claiming their place in a new financial system where Bitcoin is the reserve asset of choice for corporations and nations alike.
Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌
If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.
Fill out this form to submit your details and book a meeting with us directly.
Disclaimer: This newsletter contains sponsored content and affiliate links. All sponsored content is clearly marked. Opinions expressed by sponsors or in sponsored content are their own and do not necessarily reflect the views of this newsletter or its authors. We may receive compensation from featured products/services. Content is for informational purposes only, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.