Nakamoto Inc., a Bitcoin treasury company founded by David Bailey, announced the acquisition of BTC Inc and UTXO Management, both companies previously founded by Bailey. The deal, valued at $407 million on paper, involves issuing 363.6 million new shares at $1.12 each, effectively doubling Nakamoto's outstanding shares. However, with Nakamoto's stock trading at $0.24, the actual market value of the shares is significantly lower, raising concerns among shareholders. The acquisition has drawn criticism, particularly as Bailey chairs both the acquiring and acquired companies. Additionally, Bailey's claim of $100 million in revenue for the acquired companies in 2025 was corrected to $78 million in an SEC filing. Renowned short seller Jim Chanos criticized the deal, calling it a "Theater of the Absurd."