If bitcoin hit $200,000, would Nakamoto and Keel earn more than they paid?

"As of March 31, 2026, we held 2,469 Bitcoin with a fair value of $168.5 million, reflecting a fair value of a single Bitcoin of approximately $68,200."

"As of December 31, 2025, Nakamoto Holdings had no operations other than purchasing and holding Bitcoin, administering the Loan and making minority investments in Bitcoin companies."

"The vast majority of our assets are concentrated in our Bitcoin holdings."

"A 10% increase or decrease in the market price of Bitcoin over the course of the three months ended March 31, 2026, would have increased or decreased our revenue by $3.0 million for the quarter"

"Based on Nakamoto Inc.’s closing price of $0.248 per share on February 19, 2026, the aggregate consideration for the combined transaction was valued at approximately $81,632,852 (net of aggregate strike prices for assumed options)."

"If the market value of Bitcoin declines below certain loan-to-value ratios, Kraken may require us to deposit additional Bitcoin as collateral, repay a portion of the Loan, or declare Nakamoto Holdings in default and liquidate some or all of the Bitcoin Collateral without prior notice to us."

"Nakamoto Holdings primarily holds Bitcoin and certain USDT proceeds retained from the Loan."

"The Board authorized the risk management committee to deploy up to (i) 100% of our Bitcoin in treasury, plus (ii) three months of expected forward production calculated on a rolling basis, plus (iii) $10.0 million under Bitcoin 2.1 to be actively managed and participate in volatility-targeting strategies."

"calculated by dividing a base consideration value of approximately $377,220,594 by the fixed PIPE Price Per Share of $1.12 as required by the MSA."

"The Master Loan Agreement has a stated maturity date of December 4, 2026 but includes margin-based collateral maintenance requirements"

"If the market value of Bitcoin declines below certain loan-to-value ratios, Kraken may require us to deposit additional Bitcoin as collateral, repay a portion of the Loan, or declare Nakamoto Holdings in default"

"Bitcoin does not pay interest or dividends."

"The Master Loan Agreement has a stated maturity date of December 4, 2026"

"the total market capitalization of Bitcoin reaching $1.7 trillion as of December 2025"

"The Bitcoin protocol limits the total number of Bitcoins that can be generated over time to 21 million. As of December 31, 2025, approximately 20 million Bitcoins have been generated"

"As of year end, the Company held 5,342 Bitcoin;"

"Its remaining balance stood at 1,861 BTC, valued by the company at approximately $121 million for liquidity purposes."

"with an aggregate fair value of approximately $345 million at quarter-end"

"Loss on changes in fair value of digital assets of $166.2 million reflects the decline in the value of Bitcoin from Nakamoto’s weighted average purchase price $118,171 to $87,519 at December 31, 2025;"

"Between April 1 and Aug. 7, the company sold 1,085 BTC for roughly $75 million."

"Mark-to-market Bitcoin losses of $102.5 million related to the decline in Bitcoin price from $87,519 as of December 31, 2025, to $68,220 as of March 31, 2026"

"The Company sold approximately $20 million of Bitcoin to establish a dedicated U.S. dollar operating reserve."

"intent is to liquidate our Bitcoin position in 2026."

"At the corporate level, the Company sold approximately 284 BTC to support working capital requirements."

"As of October 2025, Strategy held 640,418 bitcoin , worth around $70 billion."

"Total liquidity reached approximately $819 million as of Aug. 7, comprising $698 million of unrestricted cash and $121 million of unencumbered Bitcoin."

"As of August 20, 2025, the Company held 5,764.91 bitcoin, a majority of which were purchased using the net proceeds from the PIPE and Debt Financings."

"Strategy, formerly called MicroStrategy, first bought US$250 million (£187 million) worth of bitcoin in mid-2020 during the depths of the COVID economic slump."

"Bitcoin is a highly volatile asset that has traded below $75,000 per Bitcoin and above $120,000"

"we completed our Merger with Nakamoto, a Bitcoin treasury strategy company"

"We view our Bitcoin holdings as long-term holdings and expect to continue to accumulate Bitcoin in the future."

"The vast majority of our assets are concentrated in our Bitcoin holdings."

"We hold Bitcoin directly and also invest in other companies that maintain Bitcoin as a treasury reserve asset"