Nakamoto joins the war for corporate BTC reserves

Written by: Token Dispatch, Thejaswini M A, Nameet Potnis, Prathik Desai

Compiled by: Block unicorn

Foreword

This is the description of the latest corporate challenger to Bitcoin Reserve in cryptocurrency on the typewriter-style website of Nakamoto (no, not Satoshi Nakamoto himself).

Just two weeks ago, another company led by giants such as Tether, Cantor and Softbank launched a pure Bitcoin company to challenge Michael Saylor's Strategy, and Nakamoto Holdings crashed the party with $710 million in reserves and a strategy that would make Satoshi proud.

In today’s Corporate Bitcoin Reserves article, we’ll tell you:

• How Nakamoto’s Launch Intensifies the Corporate BTC Reserves Race

• Bernstein’s $330 Billion Forecast Has Everyone Jumping on the Coin

• 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, announced a partnership with healthcare provider KindlyMD Merger, a deal that transforms an opioid treatment company into Bitcoin’s newest corporate reserve contender.

Why Nakamoto?

“Financial institutions that defined the pages of history were named after their founders: Medici, Rothschild, Morgan, Goldman Sachs. Today, we’re betting on that legacy with Satoshi Nakamoto,” Bailey said.

Mission? “To establish the Bitcoin standard in global capital markets.”

That’s the text on Nakamoto’s flashy website.

The move comes two weeks after Jack Mallers’ Twenty One Capital launched its $4 billion Bitcoin Enterprise Reserve program.

If you thought Mallers’ pure Bitcoin Enterprise Reserve was a groundbreaking bet, wait until you hear Bailey’s plan. He’s building what he calls “the first publicly traded group of Bitcoin companies.”

Bailey’s financial strategy includes a fully committed $510 million private equity public placement (PIPE financing) and $200 million in convertible debt.

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 initiative has strong financial support.

How does this differ from Saylor's Strategy and Malles' 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 the approach.

Company reserve competition intensifies

While Nakamoto made his grand debut, Strategy (formerly MicroStrategy) had another ordinary Monday. It once again purchased 13,390 BTC worth $1.34 billion.

Strategy's Bitcoin corporate reserves now reach a staggering 568,840 BTC, accounting for about 2.8% of the total Bitcoin supply.

In 2025 alone, 122,440 BTC were added, 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 bought $153 million worth of crypto assets, mainly bitcoin, in the last 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 a smart choice of risk.”

Today, the race has evolved from simple bitcoin accumulation to a contest of corporate identity.

Who can most convincingly reposition itself as a “bitcoin company”? Strategy pivoted from a software company, Twenty One brought on traditional financial players, and now Nakamoto is merging with a health-care provider. The common denominator? An insatiable thirst for bitcoin.

That thirst is being echoed across the Pacific, too.

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 cap from $6.8 million to $34 million.

The reason? “When countries face deglobalization and escalating trade, they often appear to enhance liquidity by implementing expansionary monetary and fiscal policies,” the firm said.

The firm now holds 143,230 units of Blackstone iShares Bitcoin Trust.

The $330 Billion Question

How far can this corporate Bitcoin treasure hunt go?

The latest estimates from Bernstein analysts suggest we are just getting started.

Corporate Bitcoin Reserve Strategies Could Inject a Stunning $330 Billion into Corporate Bitcoin Reserves by 2029

“MSTR’s Bitcoin strategy is better suited for small companies with low growth and high cash that do not see clear prospects for value creation, and the success of the MSTR model provides them with a rare growth path,” the 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 Bitcoin supply will be locked 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 (fear of missing out) cycle has just begun.

Our Take

The battle of the Bitcoin reserve giants is no longer just about companies competing to accumulate BTC. It is 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 boom.

First, the pace is staggering. 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 suggests that Bitcoin’s appeal is broadening. From software companies to healthcare providers, from Japanese hotel groups to investment firms, Bitcoin is crossing industry boundaries. Gone are the days of a few American tech companies experimenting with a mysterious currency that the rest of the world rarely dabbled in. Bitcoin is now a global phenomenon that crosses industry and continental boundaries.

Third, competitive dynamics are changing the structure of the market. Each new corporate entry not only increases buying pressure, it creates a feedback loop of legitimization, making it easier for the next company to follow. Strategy made Twenty One Capital, Twenty One made Nakamoto, and Nakamoto will make the next Bitcoin corporate reserve project inevitable.

As more and more Bitcoins become 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 take a place 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.