A Bitcoin Treasury Company Has a Doctor on Staff, But Why?

Lockridge Okoth

Sun, May 24, 2026 astatine 4:28 PM CDT 2 min read

Nakamoto Inc. (NAKA) has defended wherefore a Bitcoin (BTC) treasury institution keeps a Chief Medical Officer connected payroll. The relation went viral arsenic a awesome of what skeptics telephone Digital Asset Treasury (DAT) excess.

Analysts constituent to the relation alongside NAKA's 99% stock illness and astir $200 cardinal indebtedness load. CEO David Bailey responded that the aesculapian presumption exists for reasons rooted successful the company's reverse merger origin.

Why a Bitcoin Treasury Firm Keeps a Doctor connected Staff

NAKA began arsenic KindlyMD, a Utah-based symptom absorption provider. It listed connected Nasdaq earlier merging with Bailey's backstage Nakamoto Holdings successful 2025.

Tim Pickett, who founded KindlyMD, stayed connected arsenic Chief Medical Officer to tally the bequest healthcare subsidiary.

"We person a main aesculapian serviceman due to the fact that we merged with a healthcare institution and maintaining an operating concern is simply a Nasdaq listing requirement," explained David Bailey, Nakamoto's CEO and chairman.

The healthcare limb generates the bulk of Nakamoto's humble recurring gross and helps the institution debar shell-company classification.

It is 1 of respective aesculapian firms rebranded into crypto vehicles successful 2025.

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Dilution and Losses Fuel the Backlash

The CMO became a punchline arsenic wider concerns intensified. Analyst Justin Bechler highlighted Nakamoto's Q1 2026 10-Q, which reported a $238 cardinal nett loss.

Operating gross was $2.3 cardinal portion insiders received $7.3 cardinal successful compensation.

The institution besides acquired BTC Inc. and UTXO Management from Bailey and CIO Tyler Evans.

The woody diluted nationalist holders by 58% successful 1 quarter, fueling shareholder dilution concerns crossed the Bitcoin treasury sector.

Shareholders aboriginal authorized a 1-for-40 reverse banal divided to reconstruct Nasdaq's $1 minimum bid compliance. The divided took effect May 22, lifting NAKA from astir $0.16 to astir $6.

It besides compressed 696 cardinal outstanding shares into 17.4 million.