Nakamoto keeps chief medical officer after KindlyMD merger

Nakamoto Inc. says it retains a chief medical officer because the company merged with Utah pain‑management provider KindlyMD and the CMO oversees the healthcare subsidiary that supplies recurring revenue and helps the company meet Nasdaq listing requirements.

Tim Pickett, founder of KindlyMD, remained in the role of chief medical officer after the 2025 reverse merger and now runs the legacy healthcare unit within the rebranded Bitcoin treasury company.

David Bailey, Nakamoto’s CEO and chairman, told investors the medical executive position exists for regulatory and operational reasons tied to the merger, and that the healthcare arm produces the bulk of the firm’s recurring operating revenue and helps avoid classification as a shell company under Nasdaq rules.

Nakamoto’s Q1 2026 10‑Q reported a $238 million net loss, operating revenue of $2.3 million and roughly $200 million in debt. The filing listed about $7.3 million in compensation paid to insiders in the period that included an acquisition of BTC Inc. and UTXO Management.

Filings show the BTC Inc. and UTXO Management deals involved assets transferred from Bailey and Chief Investment Officer Tyler Evans and diluted public shareholders by about 58% in a single quarter. Shareholders later approved a 1‑for‑40 reverse stock split to meet Nasdaq’s $1 minimum bid, effective May 22; the split compressed roughly 696 million outstanding shares into about 17.4 million and raised the share price from around $0.16 to near $6.

The company reported headline holdings of 5,058 BTC. Analysts and investors have noted that operating results and cash flow will be closely examined over the next two quarters.

The first tranche of an insider lock‑up is scheduled to expire on Aug. 20, and the company’s Q2 10‑Q is expected that month. The company has said it expects revenue tied to a planned Bitcoin 2026 conference and revenue contributions from the BTC Inc. acquisition to appear in upcoming filings.

Nakamoto began as KindlyMD, a Utah‑based pain management provider, and completed a reverse merger with Nakamoto Holdings in 2025 to list on Nasdaq. After the merger, management rebranded the combined business to emphasize Bitcoin holdings and treasury activities while keeping the original medical operations as the legacy operating business.

Some critics have pointed to the CMO role as an example of excess in the digital asset treasury sector after a number of healthcare operators were repurposed into crypto‑focused public companies in 2025. Analysts have cited the company’s financial filings and governance changes as the basis for scrutiny of its strategy and expenses.