Source:Token Dispatch, Thejaswini MA, Nameet Potnis, Prathik Desai
Compiled by: Block unicorn
Preface
That’s the description of cryptocurrency’s newest corporate challenger to Bitcoin Reserve on Nakamoto’s (no, not Satoshi Nakamoto’s) typewriter-style website.
Just two weeks after another company led by giants like Tether, Cantor, and Softbank launched a pure play Bitcoin company to challenge Michael Saylor’s Strategy, Nakamoto Holdings crashed the party with $710 million in reserves and a strategy that would make Satoshi Nakamoto proud.
In today’s article on corporate Bitcoin reserves, we will tell you:
How Nakamoto’s launch intensifies the corporate BTC reserve race
Bernstein's $330 billion forecast has everyone jumping on board
Why Corporate Bitcoin Reserves Are Suddenly the Hottest Topic in Crypto
One Hotel Company Now Holds More Bitcoin Than the Sixth Largest National Bitcoin Holder
Nakamoto’s Bitcoin Strategy
Nakamoto Holdings, founded by (Bitcoin Magazine) CEO David Bailey, has announced a merger with healthcare provider KindlyMD, a deal that transforms an opioid treatment company into Bitcoin’s latest corporate reserve contender.
Why is it named Nakamoto?
“Financial institutions that defined history were named after their founders: Medici, Rothschild, Morgan, Goldman Sachs. Today, we are betting that legacy on Satoshi Nakamoto,” Bailey said.
Mission? "Establishing the Bitcoin standard in global capital markets."
Here’s the text from Nakamoto’s gorgeous website.
The move comes two weeks after Jack Mallers’ Twenty One Capital launched its $4 billion Bitcoin corporate reserve program.
If you thought Malles’s pure-play Bitcoin corporate reserve was a groundbreaking bet, wait until you hear Bailey’s plans for what he calls “the first publicly traded group of Bitcoin companies.”
Bailey’s financial strategy included a fully committed $510 million private equity public placement (PIPE financing) and $200 million in convertible notes.
The PIPE financing attracted more than 200 investors from six continents, including Adam Back, Balaji Srinivasan, Eric Semler (CEO of Semler Scientific) and Simon Grovich (CEO of Metaplanet), among others, indicating that the program has strong financial support.
How does this differ from Saylor’s Strategy and Mallers’ Twenty One?
“Nakamoto’s vision is to bring Bitcoin to the center of the global capital markets, packaging it into stocks, bonds, preferred stocks, 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 of the approach.
Competition among companies to keep reserves intensifies
While Nakamoto made his grand entrance, Strategy (formerly MicroStrategy) had another ordinary Monday. It once again purchased 13,390 BTC worth $1.34 billion.
Strategy’s Bitcoin corporate reserves now stand at a staggering 568,840 BTC, or about 2.8% of the total Bitcoin supply.
That’s an increase of 122,440 BTC in 2025 alone, more than most companies’ corporate reserve holdings.
Jack Mallers’ project is positioned as a purer play than Strategy, but now faces competition from Bailey’s broader “ecosystem of bitcoin companies” approach.
Even Coinbase revealed that it purchased $153 million worth of crypto assets, primarily Bitcoin, in the previous quarter.
“There have definitely been moments over the last 12 years where we thought, wow, we should put 80% of our balance sheet in cryptocurrencies — specifically Bitcoin,” Armstrong told Bloomberg. “We made smart choices about risk.”
Today, the race has evolved from simple Bitcoin accumulation to a contest of corporate identity.
Who can most convincingly reposition themselves as a “Bitcoin company”? Strategy pivoted from a software company, Twenty One brought in traditional financial players, and now Nakamoto is merging with a healthcare provider. The common denominator? An insatiable desire for Bitcoin.
This desire is also echoed on the other side of the Pacific.
Metaplanet, a Japanese company that only started buying Bitcoin last year, added 1,241 BTC to its balance sheet, for a total of 6,796 Bitcoins worth about $700 million. That’s more cryptocurrency than the sixth-largest national holder, El Salvador.
And Metaplanet isn’t alone. Tokyo-based Beat Holdings last week approved an increase in its bitcoin investment limit to $34 million from $6.8 million.
The reason? “When countries face deglobalization and escalating trade tensions, they tend to enhance liquidity by implementing expansionary monetary and fiscal policies,” the firm said.
The firm now holds 143,230 units of the Blackstone iShares Bitcoin Trust.
The $330 Billion Question
How far can this corporate Bitcoin scavenger hunt go?
The latest estimates from analysts at Bernstein suggest we’re just getting started.
Corporate Bitcoin Reserve Strategies Could Flow a Staggering $330 Billion into Corporate Bitcoin Reserves by 2029
“MSTR’s Bitcoin strategy is better suited for smaller companies with low growth and high cash flows that do not see clear prospects for value creation, while the success of the MSTR model provides them with a rare path to growth,” analysts wrote in a recent report.
In simple terms, at current prices, corporate reserves will absorb approximately 3.3 million bitcoins over the next four years. This means that over the next five years, more than 15% of the total supply of bitcoin will be locked up in corporate vaults.
Still wondering why Bitcoin is in such high demand? Coinbase has the answer in a short ad.
What happens when every company wants a piece of the 21 million Bitcoin pie? With each new business joining, the Bitcoin corporate reserve strategy becomes more legitimate, potentially creating a feedback loop that accelerates adoption. The corporate FOMO cycle has only just begun.
Our View
The battle for Bitcoin reserve giants has gone beyond just companies competing to accumulate BTC. It’s changing the way companies think about their balance sheets.
We couldn’t agree more with Bailey’s declaration: “We believe that in the future every balance sheet — public and private — will hold Bitcoin.” We are witnessing the early stages of a new financial paradigm.
Several key dimensions emerge from this corporate Bitcoin craze.
First, the pace is astounding. Consider this: Metaplanet surpassed the entire nation’s Bitcoin holdings in a year. Strategy added 122,440 BTC in less than five months. The pace of enterprise adoption is outpacing even the most optimistic forecasts of previous cycles.
Second, the diversity of participants shows that Bitcoin’s appeal is broadening. From software companies to healthcare providers, from Japanese hotel groups to investment firms, Bitcoin is crossing industry boundaries. The days of a few American tech companies experimenting with a mysterious currency that the rest of the world rarely touched are over. Bitcoin is now a global phenomenon that crosses industry and continental boundaries.
Third, competitive dynamics are changing the structure of the market. Each new firm not only increases buying pressure, it also creates a feedback loop of legitimization, making it easier for the next firm to follow. Strategy made Twenty One Capital possible, Twenty One made Nakamoto possible, and Nakamoto will make the next Bitcoin corporate reserve project inevitable.
As more Bitcoin becomes locked up in corporate vaults, the available supply for retail investors decreases, potentially creating a supply shock that even the most conservative models fail to fully account for.
The race is on. Not just to accumulate Bitcoin, but to stake your claim in the future financial order. The companies making these moves today are no longer simply betting on Bitcoin’s price appreciation; they are establishing their place in a new financial system in which Bitcoin is the reserve asset of choice for corporations and nations.
