BBX: Nakamoto Holdings completes bitcoin company transformation and Strive maintains mNAV above 1

According to BBX, yesterday, Nakamoto Holdings officially closed all medical clinics and completed its transformation into a pure Bitcoin operating company. All three business lines (BTC Inc. media, UTXO Management asset management, and Bitcoin Treasury) are now fully crypto-native. Meanwhile, with the mNAVs of a certain exchange, Metaplanet, and Nakamoto companies all having fallen below 1.0, Strive, with an mNAV of around 1.24, has become the only Bitcoin treasury listed company during the same period still trading at a premium to its Bitcoin holdings. Its zero-debt structure demonstrates unique balance sheet resilience in the current downward cycle. Key points: ——Nakamoto Holdings (Nasdaq: $NAKA): Officially closed all medical clinics, Kindly LLC has terminated all patient services; CEO David Bailey announced a full transition to a Bitcoin operations company; three business lines: BTC Inc. (Bitcoin Magazine, Bitcoin Conference), UTXO Management, Bitcoin Treasury; received a Nasdaq delisting warning (stock price below $1) in December 2025 and regained compliance after a 1-for-40 reverse stock split on May 22, 2026; Q1 2026 net loss of $238.8 million (mainly non-cash BTC impairment and M&A integration costs); corporate mNAV approximately 0.92. ——Strive Inc. (Nasdaq: $ASST): Current corporate mNAV is around 1.24, making it the only major Bitcoin treasury listed company during this period with an mNAV above 1.0; operates with zero debt, raising funds only through ASST equity and SATA preferred shares (annualized 13% return); SATA maintains close to a $100 face value, forming a direct contrast with STRC trading at about a 25% discount ($75); this year has accumulated over 19,105 BTC purchased; the most recent purchase: 759 BTC on June 22, at an average price of about $65,850 per BTC. Source: bbx.com