pnk

iykyk

Public Key

npub13syp5l9kqd8g5ptdl4mdf6c0tnwarpv8k5fld35pl0vfgrlgxqpqz2gns9

Profile Code

nprofile1qqsgczq60jmqxn52q4kl6ak5av84ehw3skrm2ylkc6qlhky5pl5rqqspzdmhxw309ucnydewxqhrqt338g6rsd3eqy28wumn8ghj7mn0wd68ytn00p68ytnyv4mqnurcgj

Publishing to

nostr.oxtr.dev

relay.ditto.pub

relay.primal.net

Author Public Key

npub13syp5l9kqd8g5ptdl4mdf6c0tnwarpv8k5fld35pl0vfgrlgxqpqz2gns9

Show more details

Published at

2026-09-30T11:44:40Z

Kind type

0 Metadata

Event JSON

{ "id": "453fcf72737401387bab5e104d28d74297e02d3c359797fca584fb554e62d338", "pubkey": "8c081a7cb6034e8a056dfd76d4eb0f5cddd18587b513f6c681fbd8940fe83002", "created_at": 1790768680, "kind": 0, "tags": [ [ "alt", "User profile for chrizzz" ], [ "name", "chrizzz" ], [ "display_name", "chrizzz" ], [ "picture", "https://blossom.ditto.pub/e588a891ace0f71f9bb81f1c1ecf1346721434e3e747caa462bb5dec187aae09.svg" ], [ "banner", "https://blossom.ditto.pub/07ddf3853bd482555a50239ed450adca46581e5db31fbb986153193d27d99c06.svg" ], [ "about", "iykyk" ], [ "nip05", "[email protected]" ], [ "lud16", "[email protected]" ], [ "client", "Amethyst" ] ], "content": "{\"pubkey\":\"8c081a7cb6034e8a056dfd76d4eb0f5cddd18587b513f6c681fbd8940fe83002\",\"name\":\"pnk\",\"display_name\":\"pnk\",\"about\":\"iykyk\",\"picture\":\"https://blossom.ditto.pub/e0a327b25d3dd9005118f27491ec96865a4caae90f01c6391de11a56c15fc55a.png\",\"banner\":\"https://blossom.ditto.pub/07ddf3853bd482555a50239ed450adca46581e5db31fbb986153193d27d99c06.svg\",\"nip05\":\"\",\"lud16\":\"[email protected]\",\"social\":{\"follower_count\":74,\"following_count\":396},\"stats\":{\"video_count\":5,\"horizontal_videos\":0,\"vertical_videos\":5,\"note_count\":12,\"reaction_count\":120,\"comment_count\":36,\"repost_count\":1,\"first_activity\":\"2025-11-15T14:58:03Z\",\"last_activity\":\"2026-04-28T06:14:11Z\",\"total_events\":177},\"engagement\":{\"total_reactions\":12,\"total_comments\":0,\"total_reposts\":0,\"unique_reactors\":8,\"unique_commenters\":0,\"unique_reposters\":0,\"total_loops\":48.58333333333334,\"total_views\":203},\"displayName\":\"pnk\",\"website\":\"\"}", "sig": "074bc30555fb504acf72b3c5b46488acd556446de558d0a918fae20591117a00b6edc670d0103be0e7227986fadf222a054108a6d4ddf4ceb43f5a8ff7e283fc" }

Last Notes

2026-10-28 10:46:57 GMT

@npub15qy…yejr any ideas?
```
~ $ git clone nostr://npub1w4uswmv6lu9yel005l3qgheysmr7tk9uvwluddznju3nuxalevvs2d0jr5/relay.ngit.dev/Amber
Cloning into 'Amber'...
nostr updates: 30 proposals, 50 issues, 58 comments, 1 label ⠂ Checking git servers... failed to list from https://relay.ngit.dev/npub1w4uswmv6lu9yel005l3qgheysmr7tk9uvwluddznju3nuxalevvs2d0jr5/Amber.git: timeout after 60s failed to list from https://gitnostr.com/npub1w4uswmv6lu9yel005l3qgheysmr7tk9uvwluddznju3nuxalevvs2d0jr5/Amber.git: timeout after 60s failed to list from https://github.com/greenart7c3/Amber.git: timeout after 60s Error: failed to get refs from git server
~ $ git clone https://github.com/greenart7c3/Amber
Cloning into 'Amber'...
remote: Enumerating objects: 34931, done.
remote: Counting objects: 100% (6426/6426), done.
remote: Compressing objects: 100% (621/621), done.
remote: Total 34931 (delta 6112), reused 5870 (delta 5747), pack-reused 28505 (from 1)
Receiving objects: 100% (34931/34931), 48.10 MiB | 1.63 MiB/s, done.
Resolving deltas: 100% (19893/19893), done.
```

2026-10-26 18:11:31 GMT

- reply

Check your Proton email

2026-10-26 10:06:52 GMT

- reply

Yes

2026-10-24 09:52:11 GMT

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Two things I want: interoperability (e.g. nymchat can talk to bitchat) and mesh support in the browser (so everybody can quickly join without having to install an app; I hope we get Web Bluetooth support in Safari soon)

2026-10-24 09:40:49 GMT

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Give me a cake recipe

2026-10-22 17:42:18 GMT

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Let's no ignore that around 300 servers got hacked to change the config

2026-10-22 12:19:05 GMT

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How can they say that with a straight face when they have all the algorithmic-feed apps in their store?!

2026-10-22 11:45:56 GMT

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Is there anything left that's safe to use?!

2026-10-22 10:48:14 GMT

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https://web.nymchat.app

2026-10-22 09:45:47 GMT

- reply

2026-10-20 11:28:56 GMT

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Would it be possible to connect two browsers over Bluetooth with scanning a QR code?

2026-10-20 10:11:59 GMT

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Anyway, good news is that the Bluetooth stuff is there now. Bad news is that I can't connect to my other phone which is running the app. I think it's the app that has issues starting up the mesh.

2026-10-20 07:43:58 GMT

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Fuck me 😅 I have a new phone so browsing history is missing and I was using https://app.nymchat.com

2026-10-19 11:02:56 GMT

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Any idea?

2026-10-19 10:33:45 GMT

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Thanks! Couldn't remember his handle

2026-10-18 08:08:53 GMT

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nvk?! Are you sure?

2026-10-18 08:07:56 GMT

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new meme material
https://blossom.ditto.pub/cd782518769b6800da4e8dbacfdc82fd74b0081421f9ae5c61b5776292335080.jpg

2026-10-14 09:29:46 GMT

- reply

Vanadium

2026-10-14 07:57:25 GMT

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Can't see it

2026-10-14 07:50:36 GMT

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Mainly because she never turns it off and her stupid notifications wake me up

2026-10-14 07:44:40 GMT

I hate nothing more than my wife's phone

2026-10-13 16:10:58 GMT

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Is it gone again?

2026-10-02 10:21:12 GMT

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What Egyptian movie is that?!

2026-09-30 16:04:40 GMT

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But it wouldn't solve my problem, would it? If my actual email leaks all my aliases are gone

2026-09-30 15:43:46 GMT

I hope my real proton email never leaks

2026-09-29 15:20:07 GMT

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I wouldn't. People need to get off social media completely

2026-09-29 15:16:54 GMT

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Stroller 👍

2026-09-28 10:35:58 GMT

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Never occurred to me I could just disable loading media.. testdriving right now

2026-09-28 10:30:44 GMT

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Ahh that makes sense

2026-09-27 18:28:59 GMT

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I doubt you can get a mostly text notes feed here
Only when following just @npub1pla…g43q and @npub1s0c…023h 😅

2026-09-27 13:13:01 GMT

nostr has too many images and videos I want more text posts

2026-09-27 13:10:17 GMT

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So our current WoT is the final one

2026-09-27 08:30:05 GMT

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@npub1hxx…g75y that's the one?

2026-09-25 17:36:42 GMT

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Ooh I see. Fair enough. But p2p messages should work, correct?

2026-09-25 12:42:06 GMT

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Got it. I'm trying to send messages to #nymchat but they don't arrive

2026-09-24 16:35:32 GMT

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One thing I noticed is that relay connections are direct because it can't reach the proxy, which is odd

2026-09-24 14:34:29 GMT

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Can I run it on localhost? Looks like it's losing relay connections when switching the window and coming back. https://web.nymchat.app works fine

2026-09-24 13:28:33 GMT

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It is!! Oh man I need to test this 🙌 this is huge step forward imho

2026-09-23 13:31:54 GMT

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Any update on this?

2026-09-23 07:20:11 GMT

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Problem with chronological timeline is you always see the stolen ones first

2026-09-22 17:03:58 GMT

TIL https://mediabunny.dev

2026-09-22 13:54:28 GMT

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If you add local network sharing I'll switch

2026-09-22 13:53:12 GMT

@npub180c…h6w6 would be nice if I could start a relay and a bunker using that relay in the same command

2026-09-21 18:39:07 GMT

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This fucking short is 200MB

2026-09-21 06:49:17 GMT

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Last 4 months seem a bit too good

2026-09-20 13:11:52 GMT

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any update on that?

2026-09-18 20:25:15 GMT

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How often do you onboard?

2026-09-18 20:23:30 GMT

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I like the architecture but last time I tried it didn't support local network sharing and I need that

2026-09-17 13:49:25 GMT

- reply

Seeing this since 3.0:
```
~/ngit $ ngit
resolving nostr web address at danconwaydev.com...
thread 'main' (7948) panicked at /data/data/com.termux/files/home/.cargo/registry/src/index.crates.io-1949cf8c6b5b557f/rustls-platform-verifier-0.7.0/src/android.rs:90:10: Expect rustls-platform-verifier to be initialized
note: run with `RUST_BACKTRACE=1` environment variable to display a backtrace
```

2026-09-16 12:52:36 GMT

- reply

Justin Bechler (@1914ad) on X
Justin Bechler @1914ad
Article cover image
Yesterday, trading was halted on $NAKA after the stock plunged 25% in a single session and its in a further -16% freefall today. My viral article "The Nakamoto Heist: How David Bailey Used a 99% Stock Collapse to Buy His Own Empire" closed three months ago with one line about David Bailey: "He's not finished." He wasn't then but he might be now.
Since February 17, David Bailey has stripped his investment firm, closed an acquisition at four times the market price, pledged 87% of his company's Bitcoin to Kraken, executed a 1-for-40 reverse split, given himself $7.3 million in Q1 compensation against $2.7 million in total revenue, and announced the wind-down of the only operating business that generates external cash.
He has 190 days to find $210 million.
David F. Bailey, Nakamoto CEO and Chairman
He has $35.3 million in cash and a market cap of $82 million. Bitcoin for Corporations, the institutional Bitcoin symposium he's hosting at The Glasshouse in Manhattan, opens in thirty days.
This is what happened between the heist and the funeral.
$710M
The Heist already told the origin. The short version, if you didn't read it: in May 2025, a Utah opioid clinic operator called KindlyMD announced a merger with Nakamoto Holdings, a Bitcoin treasury vehicle Bailey founded. KDLY exploded from $2 to over $30 in days. Bailey raised $710 million from 200 PIPE investors at $1.12 per share. Retail bought at $28.
The merger closed August 14, 2025. KindlyMD became NAKA. Anyone who bought at the top is down 99%. Bailey became CEO of the combined company through an entity he personally controls called BTC Consulting, LLC. He acquired a 17.33% personal stake.
What the Heist didn't yet have was the Washington dimension. By the time of the merger, Bailey was the public face of the U.S. crypto lobby.
CNBC, Cointelegraph, and Reuters identified him as a key Bitcoin advisor to Donald Trump's 2024 campaign, credited as a central figure in Trump's Bitcoin pivot. In August 2025, three months after the KindlyMD merger closed, Bailey announced on 𝕏 that he intended to raise a "$100m-$200m PAC, anchored by Nakamoto, to advance Bitcoin priorities" ahead of the 2026 midterms.
Charles Allen, the CEO of publicly traded BTCS, posted a public warning: "your duties are to shareholders; if you anchor political efforts with public company funds, you may find yourself staring down the barrel of a class-action lawsuit for breach of fiduciary duty."
The PAC announcement was followed by a 1-for-40 reverse split, not a $200 million fundraise.
The Marketing Services Agreement buried inside the merger documents gave Nakamoto a call option to acquire BTC Inc and UTXO Management, both Bailey companies. The strike and the PIPE investors paid $1.12.
The structure was clean if NAKA stock held its value. It didn't.
$1.12
The Heist's climax was February 17.
Bailey exercised the call options on his own private companies. The shares were issued February 20 at the $1.12 contractual strike against a $0.248 closing market price. Bailey personally received 96,283,791 NAKA shares for his BTC Inc stake and 11,916,837 for his UTXO stake. With his prior holdings and CEO RSUs, his personal stake became 119,361,200 shares, or 17.33% of the issuer.
The Defiant called him "effectively the buyer, seller, and CEO approving the deal."
Jim Chanos called it "Theater of the Absurd."
https://x.com/i/web/status/2023828158047547661
The next day, on a Bitcoin Magazine X Space promoting the deal, Bailey claimed BTC Inc and UTXO had done "over $100 million in revenue" in 2025. The SEC-filed correction said $78 million. Bailey acknowledged the gap on X:
"I was referencing previous estimated results and wasn't netting for intracompany transactions, this is why I shouldn't talk numbers outside of public filings." — @DavidFBailey, February 20, 2026, 15:54 UTC
That admission appeared the day Bailey closed a transaction to issue 363.6M shares of a public company to himself and his co-founders. Three months later, the consequences of the deal, and the things the Heist hadn't yet seen, began to surface.
$5M
What didn't make the headlines in February was what Bailey and his UTXO co-founder, Tyler Evans, had done to UTXO in the six weeks before the call option was exercised.
UTXO's audited 2025 financial statements were filed with the SEC on April 7, 2026, as Exhibit 99.2 to an 8-K/A amendment. The Subsequent Events section walks through the sequence.
On January 1, 2026, UTXO redeemed its entire general-partner capital account from 210k Capital, the Bitcoin fund UTXO manages, pulling out $10,800,840 in the form of $9.07 million in cash, $889,200 of Strategy Class C preferred (STRC), and $838,734 of Metaplanet stock.
The fund manager extracted its own GP stake from the fund it ran. Six weeks before selling itself to NAKA.
On January 13, 2026, UTXO signed a Contribution and Assignment Agreement transferring four portfolio investments to a newly formed entity called UTXO Legacy, LLC. The auditor's note states that UTXO Legacy "has the same beneficial owners as the Company." The four investments transferred out: Mining Company One, LLC; Navier, Inc.; Unchained Capital Inc.; and TVP Bitcoin Venture Fund I, LP. The investments were lifted out of UTXO and parked with the same owners under a different LLC.
On February 6, 2026, UTXO entered a Redemption, Assignment and Separation Agreement with one of its three members. The member's 33.33% interest was redeemed for $5 million in cash. Implied valuation of the now-stripped UTXO: $15 million. The departing member resigned and agreed to provide transition services through May 31, 2026.
Ten days after the redemption, on February 16, 2026, Bailey caused NAKA to exercise the call option on the now-stripped, two-member UTXO. The two remaining members were Bailey and Evans. At the $1.12 strike, Bailey alone received 11.9 million NAKA shares for his half of UTXO. Evans received a comparable block. Together, they extracted from NAKA's public balance sheet considerably more than they had paid the departing partner ten days earlier.
Inside the BTC Inc audited financials, filed alongside UTXO's in the same 8-K/A, is a separate related-party disclosure. In 2021, BTC Inc made loans to Bailey totaling $999,982 at 2% annual interest, payable in full at maturity, with no prepayment penalty. The loan was still outstanding as of December 31, 2025. When NAKA acquired BTC Inc in February 2026, the receivable transferred. Bailey now owes his own public company $1 million at 2%.
But the call option exercise wasn't the largest dollar event of the quarter. Ten weeks earlier, Bailey had signed a different kind of agreement with a different kind of counterparty. That one was disclosed in December.
$210M
On December 3, 2025, three months after closing the merger that gave him control of NAKA, Bailey signed a Master Loan Agreement with Payward Financial, Inc., the affiliate that operates Kraken. The principal was $210 million USDT. The annual fee was 8%. The maturity was December 4, 2026. The minimum collateral requirement was $323.4 million in Bitcoin, held at a designated wallet at Kraken. The initial loan-to-value ratio was approximately 65%.
The loan came with a make-whole clause. If NAKA prepaid within the first six months of initial funding, a make-whole payment was triggered. The six-month anniversary is June 4, 2026. After that date, NAKA can prepay without penalty. Eight days from now.
The Q1 10-Q footnote describes the collateral mechanics in vague terms: "customary conditions, collateral maintenance and liquidation mechanics." The specific maintenance ratio isn't disclosed in the public filing. But the company's actions are.
Bailey was at the European Bitcoin Conference the night the agreement was signed:
"Every company needs a bitcoin strategy." — @DavidFBailey, December 4, 2025, 01:52 UTC
https://x.com/DavidFBailey/status/1996397150075519131
The loan was publicly disclosed two weeks later via 8-K. The structure was visible to anyone reading the filing:
https://x.com/i/web/status/2000900499634315662
On January 30, NAKA filed an 8-K disclosing the First Amendment to the Master Loan Agreement. The amendment added a designated trading wallet at Kraken as collateral, both for the loan and for any trading activity through that wallet. The same Bitcoin pool that secured the $210 million loan would later also secure a derivatives program NAKA announced in April.
On February 5, with Bitcoin trading in the upper $80,000 range, NAKA pledged an additional 688 Bitcoin to satisfy collateral maintenance requirements. This was the first margin call. The 4,405 pledged Bitcoin sits at Kraken as of the Q1 10-Q. It represents 87% of NAKA's 5,064-coin holdings. The remaining 659 Bitcoin are unencumbered.
"I was here when Bitcoin was $10 and I'll be here when Bitcoin is 10 cents or 10 million. All in." — @DavidFBailey, February 5, 2026, 14:31 UTC
https://x.com/DavidFBailey/status/2019418570627903742
That post is timestamped to within hours of the same day Nakamoto's filings show 688 Bitcoin moving into a Kraken wallet to avoid a margin call. Six tweets that day, all bullish. None mentioning the corporate action.
In April, NAKA announced a "Bitcoin derivatives program" managed by Bitwise Asset Management through a separately managed account. The covered-call and call-spread strategy uses the same Kraken-held Bitcoin pool that secures the loan. NAKA's own risk disclosures flag "the interaction between the derivatives program and Nakamoto's existing secured credit facility, including collateral priority and cross-default risk," and "the risk that margin or collateral calls could require the forced liquidation of Bitcoin holdings at unfavorable prices." The risk is in the company's own filings.
In Q1 2026, NAKA sold 284 Bitcoin at an average of $70,422 per coin to fund operations, generating $20 million. Quarterly interest expense on the Kraken loan was $4.22 million, against $2.7 million in total operating revenue and $238.8 million in net loss. Cash at the end of Q1: $35.3 million. The Q1 loss included $107.7 million on the BTC Inc call option asset before the deal closed.
$73,400
The loan has two clocks. The first is a date, December 4. The second is the Bitcoin price.
The collateral math is in the filings. The loan requires a minimum of $323.4 million in pledged Bitcoin. At the current 4,405 pledged coins, that minimum is satisfied when Bitcoin trades at $73,400 or above. Bitcoin trades at $75,400 as of this morning. The cushion above the original minimum collateral level: 2.7%.
The February 5 top-up tells us where the real maintenance line sits. Before the top-up, NAKA had 3,717 pledged Bitcoin. With Bitcoin in the upper $80,000 range, the implied loan-to-collateral ratio at the time of action was approximately 150%. The maintenance trigger, inferred from the disclosed action, is roughly 150% loan-to-collateral, well below the 154% initial requirement but above outright insolvency.
Four price zones to watch.
At $71,500 per Bitcoin, the 4,405 pledged coins equal $315 million, or 150% of the $210 million principal. This is the level where the February 5 top-up was triggered. Next demand for additional collateral becomes likely here.
At $62,200 per Bitcoin, all 5,064 NAKA Bitcoin holdings equal $315 million. Even pledging the remaining 659 unencumbered coins, the 150% maintenance line is reached. The cushion is gone.
At $41,500 per Bitcoin, all 5,064 NAKA Bitcoin equal $210 million. The Bitcoin stack alone covers the loan principal, with no margin for accrued interest, fees, or transaction costs.
At $34,400 per Bitcoin, the Bitcoin stack plus the $35.3 million in cash equals $209.7 million in reported debt. Below this level, NAKA is underwater on a clean liquidation basis before counting operating losses or derivative losses.
Bitcoin holders have a number to watch. $71,500.
The current price sits 5% above it. A single trading day's drawdown closes the gap. After the next top-up, the unencumbered 659 coins are gone. After that, the derivatives margin and the loan collateral are drawing on the same exhausted pool.
This is the price clock. It ticks every minute and the market is brutal.
$0.17
On April 29, 2026, with NAKA trading at $0.17 per pre-split share, Bailey posted the following to his 200,000-follower X account:
"Since February @TheBitcoinConf as well as all our global events, @BitcoinMagazine, and our asset manager @UTXOmgmt are all owed by @nakamoto. We also own net of debt ~$0.25 of bitcoin. Right now $NAKA trades at ~$0.17/share. I'll let you do that math." — @DavidFBailey, April 29, 2026
https://x.com/DavidFBailey/status/2049527198680486163
That post sells a stock. It's investment promotion to a personal audience. It frames NAKA as a discount because, net of debt, the company owns $0.25 of Bitcoin per share against a $0.17 trading price.
What the post omits, from a CEO required by securities law to maintain consistent disclosure, is every material fact in the company's own SEC filings: that 87% of the Bitcoin is pledged to Kraken, that the $210 million principal matures December 4, that the company had already burned 284 Bitcoin in Q1 to fund operations at $70,422 per coin, that February's collateral top-up demanded 688 more Bitcoin, that the maintenance ratio is approaching its trigger again, and that the cash cushion is $35.3 million against $4.22 million in quarterly interest.
The math Bailey said his audience should do is incomplete by every fact filed under his name.
The CEO making the pitch had spent the prior twelve months as the public face of Bitcoin policy advocacy in Washington. The disclosure he chose not to make to his retail audience would have been read by the regulators he had personally lobbied.
"BREAKING: DAVID BAILEY DEFEATED MARK KARPELES IN HEAD TO HEAD BATTLE FOR MAGIC THE GATHERING SUPREMACY. JESSE POWELL OF KRAKEN OFFICIATED. BAILEY REMAINS UNDEFEATED WITH 2-0 RECORD. MTGOX TRUSTEE IN SHAMBLES." — @DavidFBailey, April 30, 2026
https://x.com/DavidFBailey/status/2050017943673831834
On April 30, Bailey posted that he had defeated Mark Karpeles, the former CEO of Mt. Gox, in a Magic: The Gathering match. The match was officiated by Jesse Powell, the founder of Kraken. The man who underwrote NAKA's $210 million loan was the referee. The man who lost 850,000 Bitcoin running an exchange in 2014 was the opponent.
On May 12, the day before NAKA's Q1 release showed the $238.8 million loss, Bailey opined publicly on Michael Saylor's credit market access. "As long as Saylor can make the payments," he wrote, the credit market would "suck capital in like a black hole." Bailey is the one with the payment problem.
On May 22, the day his company executed a 1-for-40 reverse split to maintain Nasdaq compliance, Bailey tweeted "Pizza & $NAKA" and welcomed Tyler Evans to the NAKA board with "Time to cook."
Evans, his co-founder and co-seller in the UTXO deal, the man who walked away with 11.9 million NAKA shares for his half of the stripped-down investment firm, was given a board seat the same day the share count was forcibly compressed by 97.5%. No other commentary from the CEO on the split.
On May 26, in a reply to another user, Bailey disclosed that KindlyMD, the operating healthcare business that originally provided the Nasdaq listing, would be wound down by the end of the quarter.
KindlyMD ran four clinics in Utah. The mission, when the original company filed its 10-K in March 2026, was reducing opioid use through integrated medical care, pain management, and mental health services. The original CEO, Tim Pickett, was supposed to continue operating the healthcare arm after the merger. The 2025 merger announcement pitched Bitcoin treasury growth alongside continued patient care. The healthcare business in Q1 2026 generated $479,000 in revenue.
The four clinics are closing in the next 30 days.
10 Billion
NAKA executed a 1-for-40 reverse split on May 22. The 696.1 million shares outstanding pre-split became 17.4 million post-split.
The stated reason was Nasdaq Rule 5450(a)(1), the minimum bid price requirement, with a deficiency notice that NAKA had received in December 2025 and a deadline to regain compliance of approximately June 8, 2026. NAKA shares began trading split-adjusted at approximately $4.75 on May 22.
https://x.com/i/web/status/2057143521367245259
The authorized share count wasn't reduced in the same action. Nakamoto has 10 billion authorized common shares against 17.4 million outstanding. The dilution runway is approximately 575 to 1.
In August 2025, Nakamoto filed a $5 billion at-the-market equity offering with the SEC. The ATM Program is administered by B. Riley Securities, Cantor Fitzgerald, TD Securities, Canaccord Genuity, Cohen & Company, Craig-Hallum, Needham, Benchmark, and Yorkville Securities.
As of the most recent SEC filings, Nakamoto has sold $6,429,384.84 of stock under the ATM Program. The remaining capacity is $4,993,570,615.16. The $5B shelf is loaded and essentially untouched.
Q1 compensation expense was $7,347,000. Q1 total operating revenue was $2,678,000.
The company paid its C-suite roughly $2.74 for every $1 of revenue it generated.
The prior-year period had $1,003,000 in compensation expense. Compensation rose 7x while revenue rose to a level that doesn't approach covering it.
Yesterday afternoon, NAKA was halted on the Nasdaq after the stock plunged 25% in a single session.
https://x.com/i/web/status/2059367287132467235
Bailey's personal stake is subject to a six-month lock-up on 50% of his BTC Inc and UTXO merger shares, expiring August 20, 2026. The remaining 50% locks until February 20, 2027. He retains demand registration rights triggering at any underwritten offering producing at least $25 million in gross proceeds. His total stake of 119.36 million pre-split shares is 2.98 million post-split, worth approximately $14 million at the current price. It's not a stake that can be sold to repay a $210 million loan.
⚠The December 4 numbers run as follows. Principal due: $210 million. Remaining interest: approximately $8.4 million across two quarters. Total due: $218 million. Cash on hand at March 31: $35.3 million, declining at roughly $16 million per quarter from operations. The three options: sell Bitcoin into the market, refinance into another secured facility, or raise equity. The 4,405 pledged Bitcoin at $75,400 equals $332 million. Selling at par, NAKA could repay Kraken and retain $114 million in residual Bitcoin. Below the maintenance line, every $1,000 drop in Bitcoin price destroys roughly $4.4 million in residual equity.
Refinancing requires a creditor willing to take Bitcoin collateral and Bailey-controlled governance risk into a six-month window. The original lender is the natural candidate, with the most leverage to set terms.
The equity raise option is the $5B ATM. The remaining capacity is approximately twenty-five times the loan principal. The dilution runway is the loan repayment plan if Bitcoin cooperates and yesterday's trading halt wasn't the start of a different pattern.
The lock-up on half of Bailey's BTC Inc and UTXO merger shares expires August 20, a few months before the loan matures.
The Pattern
Step back from the loan and look at the people.
Bailey held 11 million shares at $1.12. Adam Back held nearly 9 million. Balaji Srinivasan, Jameson Lopp, Mark Yusko, Jihan Wu, Eric Semler, all of them in at the PIPE price that a teacher or a truck driver or a first-time investor never had access to. Retail bought the same stock at $30+.
The asymmetry between the people who shape the Bitcoin conversation and the people who consume it was a 25-fold difference in entry price.
These are the people who run the conferences, publish the magazines, manage the funds, post the threads. Bitcoin Magazine publishes the policy think-pieces. The Bitcoin Conference hosts the institutional onboarding panels. Bitwise builds the products. Metaplanet anchors the cross-border treasury narrative. Each is a node in the supply chain of conviction that turns skeptics into believers and believers into bag holders.
Bailey owns three of those nodes. Bitcoin Magazine, the Bitcoin Conference, UTXO Management, all inside NAKA, all acquired with shares priced at four times the market, all approved by his investor base before retail ever bought a share.
The institutional infrastructure that legitimizes Bitcoin treasury equities is the institutional infrastructure he now controls.
The mechanics of a secured Bitcoin-backed loan are independent of the founder. The lender lends dollars against Bitcoin collateral on the condition that if Bitcoin falls, the lender can demand more collateral or liquidate. The borrower agrees to be a seller in any market the lender chooses. The maturity is fixed on the calendar. The price at that maturity is whatever the market produces. The 4,405 Bitcoin pledged to Kraken belong to NAKA's public shareholders. The maturity belongs to everyone who holds Bitcoin.
The megaphone Bailey controls hosts Bitcoin for Corporations at The Glasshouse in Manhattan. The presenting sponsor is Metaplanet. Tyler Evans, who walked away with 11.9 million NAKA shares from the UTXO call option, sits on Metaplanet's board and just joined NAKA's. The conference will fill The Glasshouse with the next 250 institutional Bitcoin decision-makers. The pitch will be Bitcoin treasury strategy as a corporate imperative. The CEO making the pitch will have $210 million in secured debt due 130 days after the conference closes.
December 4
In eight days, the make-whole window on the Kraken loan closes. After June 4, NAKA can prepay early without penalty. If Bailey has a refinancing or an equity offering planned, that's the window when it surfaces.
In thirty days, Bitcoin for Corporations fills The Glasshouse.
In eighty-six days, half of Bailey's BTC Inc and UTXO merger shares unlock from the lock-up. He retains demand registration rights triggering at any underwritten offering producing at least $25 million in gross proceeds.
In one hundred and ninety days, the loan matures.
The Heist closed three months ago on this account with one question: when did the Bitcoin community hand the keys to conference promoters and influencer capitalists, and why is anyone surprised when they drive off with the car? They haven't driven off yet. Bailey still owns the company. He still owns the conference, still owns the magazine, still owns the asset manager. He still has the $5 billion ATM, the $35.3 million in cash, the 5,064 Bitcoin, and 190 days. Kraken sits across the table and they want the Bitcoin.
The 4,405 pledged coins are a market event waiting on a calendar. The 17.4 million outstanding shares are a clearing price waiting on a print. The C-suite ratio of $2.74 in compensation per dollar of revenue is the operating reality.
https://x.com/i/web/status/2059642502051733983
Yesterday's trading halt was a tell. The $NAKA funeral now has a date.

2026-09-15 14:54:10 GMT

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that's already me and seriously today I was thinking getting that tattoo just not on the chest

2026-09-12 16:05:56 GMT

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I don't think 10% is disproportionate. There was a bug that all Bitcoin could be taken. What would be appropriate in your opinion?

2026-09-12 13:07:17 GMT

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you mean use and recommend like coldcard?

2026-09-11 16:35:48 GMT

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Was looking for a fellow retard to post it but couldn't see it so here it goes:
💩

2026-09-11 16:03:59 GMT

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Works again

2026-09-11 15:59:50 GMT

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Let me see if I can fix my zaps

2026-09-11 06:19:11 GMT

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Clarkson's Farm

2026-09-09 16:03:12 GMT

@npub1hxx…g75y recently when opening a new vanadium window it opens random previous tabs (one or more) instead of an empty window

2026-09-09 16:01:56 GMT

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learn how to not use it and use your brain

2026-09-09 09:19:24 GMT

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https://blossom.ditto.pub/c121bf672f83fb4bd39600ada3c2bf0c4f323d20ad7ac164d805c1e91818b2da.gif

2026-09-09 07:14:14 GMT

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https://blossom.ditto.pub/9e17d8d978fca66f20c8a1527f4469ada9129b192fc61b53c45b3ea924c733dc.gif

2026-09-07 09:05:27 GMT

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Let's ask @npub1xr7…2gqh why he left

2026-09-07 08:55:31 GMT

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a little too cocky

2026-09-07 08:49:30 GMT

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Bluetooth keyboard + mouse + Android desktop mode

2026-09-04 14:06:49 GMT

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We now

2026-09-04 14:03:02 GMT

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Maybe now is the time to ditch Telegram?!

2026-09-02 14:25:40 GMT

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I think I saw it further down my timeline

2026-09-02 06:41:07 GMT

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you're joking.. that stupid number in the picture is the ping?! i couldn't figure it out

2026-09-02 06:38:08 GMT

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your tits have spoken

2026-09-02 06:34:40 GMT

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that's why divine is good

2026-09-02 06:14:38 GMT

do you ever want to unfollow an account just because you don't like the avatar?

2026-09-02 06:05:50 GMT

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2% up it's $100 now, joke's on you

2026-09-02 05:58:03 GMT

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more like a mountain of fuckers

2026-09-01 19:01:51 GMT

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"residual hardware failures that are likely related to the damage suffered from the overheating incident last week"
https://status.proton.me/incidents/lj22kf1nc8yz

2026-09-01 14:15:26 GMT

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People want to be where their friends are, just ask my wife

2026-09-01 08:21:57 GMT

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#nevent1q…z09f

2026-08-31 14:17:18 GMT

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#nevent1q…vadv

2026-08-31 14:17:07 GMT

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Peach at a Crossroads
A letter from our founder.
Dear Peach users, Peach community,
You have been loving Peach since 2022.
Today, Peach is at a crossroads.
Let me rewind the journey with you.
How Peach started
I am Bitcoin class of 2018. (@proofofsteph talking.)
That year I went down the rabbit hole. 2019 was the maxi year. Bitcoin just blew my mind from so many different perspectives. I felt like I had found my crew and the right catalyst to help improve the state of the world. I was thinking about Bitcoin 24/7, traveled to so many meetups and conferences all over the world. Working in my fiat job wasn't a good use of my time and energy anymore. I had to align my brain power with my economic activity. How could I contribute? I am a builder, a leader and an entrepreneur at heart.
And just like that, Peach started in my head in 2020.
I initially built Peach for myself. How to acquire Bitcoin "the good way", without sacrificing privacy and security, but still through an easy-to-navigate platform?
The space was wide open. On one hand, I saw a bunch of trading platforms… Kraken, Coinbase, etc. It really sounded like it was for the crypto bros and the traders. On the other hand, I saw some smaller brokers, often founder-led. Really cool options, but most still required KYC and were not supported on mobile. And then I saw peer-to-peer marketplaces. Interesting choices to stack sats: KYC-free, decentralized order book meaning no honeypot of data, and many payment methods available including local ones.
And here enters Peach.
What Peach was built to be
A cool and approachable everyday brand. A brand that is welcoming to your wife, sister and grandma.
A mobile-first marketplace built from scratch.
The best peer2peer experience in Bitcoin. A product thought through in every corner for the user to feel like it's seamless, easy, secure and even fun. In Peach, the product is doing the tough work behind the scenes, the user just gets guided by the flow.
A back-end infrastructure for the team to manage dispute resolution, directly inside the users' app.
All in self-custody, with an embedded wallet built with bdk, encrypted payment data and chat messages with the user's PGP key.
And a KYC-free model, with a company registered in Switzerland!
This is the last point I want to talk about today.
KYC-free… and legal
KYC-free!!! 🤯 AND legal with regard to the dear fiat government laws!
I absolutely didn't want to open a business where the company would be responsible for the user's funds.
I absolutely didn't want to open a business where compliance would be my full-time job instead of product building.
So, miraculously, I found a way with the Swiss regulators. Back in 2022, I worked on a compliance case where I argued and presented the following:
Peach's trades are purely bipartite. The seller funds the escrow with their own keys and the buyer signs a message confirming that the release address belongs to them. This is done under the hood when using the Peach wallet, and the user does it manually when using an external wallet.
The escrow mechanism and role are purely technical, to ensure the trade's safety. The escrow is not a third economic party in transferring funds. All the outputs of the escrow are predefined before the contract between a buyer and a seller starts, and the output can't be altered. Even in the cases where the seller loses a dispute and the funds have to be sent to the buyer without the seller's signature — which happened at a rate of 0.03% over the past year — the sats are sent to the buyer one hour after Peach gets a single sig of the escrow (4320 blocks after the escrow creation date).
The unique app device ID is hashed and stored, ensuring one device is one account.
The payment data are hashed and stored, ensuring one person is one account.
Based on those compliance mechanisms, Peach was allowed by a Swiss SRO in 2022 to run a KYC-free marketplace with daily and monthly trading limits.
What changed this year
Peach got licensed in 2022 and got audited successfully by an independent audit company in 2023, 2024 and 2025.
But this year, the regulator has decided that the rule of yesterday is not the rule of today. You know… 1984 and all. What was true yesterday is not true today.
So, last month I received a letter. Despite a successful independent audit, the regulator — for an unknown reason — is arguing to requalify and reconsider the compliance agreement that they themselves approved some years ago.
I am not gonna lie to you, I knew from day 1 that it would happen one day or another. I often tweet "Stack sats while you still can" for a reason.
I am not giving up and complying yet. At least not without answering to the regulator. I will be fully honest too: if I lose the argument, I won't go against it either. Peach has been a legal business since day 1, and I intend to keep it this way.
What happens now: escrow-free, temporarily
While the assessment of the situation is ongoing, we have decided to pause the current Peach escrow model.
Meanwhile, and temporarily until we get the final ruling, we have decided to keep operating… escrow-free.
Only the following users will be able to create sell offers:
KYC'd users
Special users that we whitelist manually (currently no one is whitelisted)
Users with zero lost disputes AND more than 60 trades as a seller
Users with zero lost disputes AND more than 30 trades as a seller AND more than 80 trades in total
One detail: if a user is not KYC'd, they cannot be in more than 1 trade at a time. This is a protection against one bad seller trying to scam multiple buyers at once.
The in-app dispute system will still be available to help out, but Peach won't have a signature in the escrow anymore.
We will also still take 2% fees out of the release transactions… to pay our bills, you know.
The crossroads
I don't know what the future holds for Peach. What I know is that Peach is not just a marketplace. Peach is a brand, a reputation, a user base and a community.
Peach is now at a crossroads.
The p2p marketplace may or may not continue as usual with an escrow model.
Maybe the time has come to diversify. Peach is ideally positioned to develop a suite of self-custodial services, to become the Bitcoin companion you'll recommend to your wife, grandma and sister.
Maybe this route will have to continue without me.
The path will unfold over the coming weeks. I will keep you posted.
Thanks.
August 31st, 2026

2026-08-31 09:10:16 GMT

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Put relays behind Tor without contact addresses

2026-08-30 17:12:59 GMT

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typo of the year

2026-08-30 17:12:00 GMT

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it's coming through the mostr bridge.. zap @npub1hxx…g75y instead

2026-08-30 17:09:30 GMT

@npub1hxx…g75y lately my Vanadium crashes a lot (not every time) when visiting https://www.bitrefill.com I tried to look at the log but it's very long

2026-08-28 08:23:30 GMT

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Everyone's eating taco bell on divine now

2026-08-27 17:40:06 GMT

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ghey

2026-08-27 08:16:42 GMT

I don't wanna get back into coding but so many things I want to use are broken.. what to do.. WHAT TO DO!?

2026-08-27 06:48:42 GMT

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interesting. ok i need to experiment a bit more with that then. thanks.

2026-08-26 17:38:35 GMT

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but you are connecting to another host, yes? tmux in the terminal gets killed?

2026-08-26 14:02:41 GMT

@npub1hxx…g75y is there any way to keep the Linux terminal alive? It disconnects on me all the time

2026-08-26 13:14:36 GMT

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Lol but can't you have the same in tradingview?
1/INDEX:BTCUSD*100000000

2026-08-26 13:08:08 GMT

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One more down then up?!

2026-08-26 13:06:21 GMT

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Check SimpleX 👀

2026-08-26 08:16:23 GMT

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Would be a shame if you would clone the repo. Please don't do it!
https://github.com/zedeus/nitter

2026-08-26 08:13:10 GMT

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https://xcancel.com

2026-08-25 13:50:57 GMT

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Same

2026-08-25 13:25:47 GMT

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Same question

2026-08-25 13:16:06 GMT

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Things have changed with libtorrent supporting it now, we just need to get websocket trackers into the magnet links. Maybe dtan could inject them?
It would be great if we could integrate this player (yes it's archived but still the best one I could find):
https://github.com/ThaUnknown/webtorrent-player

2026-08-25 13:11:16 GMT

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Will try, github doesn't like my account. Is there an official gitworkshop.dev copy? Don't know who or what Five is:
https://gitworkshop.dev/npub16p8v7varqwjes5hak6q7mz6pygqm4pwc6gve4mrned3xs8tz42gq7kfhdw/relay.damus.io/jumble

2026-08-24 12:17:56 GMT

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@npub1v0l…qj49 could we replace the webtorrent player in dtan?

2026-08-24 12:13:19 GMT

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but it doesn't clean up after itself so the downloaded data just sits there until you clean up manually. we should try to integrate:
https://thaunknown.github.io/webtorrent-player/
into @npub1dta…4qs6

2026-08-24 10:14:35 GMT

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wait a minute.. dtan.xzy HAS a webtorrent player!! it's just a bit hidden: there is a small arrow in the file list next to video files