Nakamoto buys $679 million in bitcoin in its first purchase as a public company
Bitcoin’s price meanwhile seems frozen, but one solo miner is on fire.
Bitcoin is struggling to regain momentum, and has been stuck in the $114,500 to $116,500 range over the past 24 hours. Nonetheless, VanEck analysts said that despite this pullback, they are sticking with their $180,000 bitcoin price target by year-end.
That hasn’t slowed Nakamoto, fresh off the completion of its merger with KindlyMD last week, from making its first bitcoin purchase as a public company.
The bitcoin-native venture, helmed by Trump crypto adviser David Bailey, acquired 5,744 bitcoin at an average price of $118,204 per bitcoin for $679,000,000.
“The purchase was made using PIPE proceeds, reflecting the company’s commitment to executing a disciplined bitcoin treasury strategy and long-term mission to acquire one million bitcoin under the Nakamoto Bitcoin Treasury,” the company said this morning.
In other bitcoin news:
Bitdeer released its second-quarter earnings, reporting bitcoin mining revenue of $59.3 million, up from $41.6 million in Q2 2024, and the company’s bitcoin holdings jumped to 1,502. It also reported revenue of $155.6 million, up 56.8% year over year, but had higher operating costs and reported a net loss of $147.7 million, much higher than the $17.7 million a year prior. Benchmark analysts reiterated their “buy” rating, but the stock is down more than 7% as of 11:00 a.m. ET.
A rare win came for a solo bitcoin miner who solved block 910,440, earning a reward of 3.137 bitcoin. “Mining difficulty is now near all-time highs at 129 trillion, making consistent solo wins even less likely,” according to Bitbo.
Japanese public company Lib Work announced it plans to buy $3.3 million worth of bitcoin.
A second coffee chain may be entering the bitcoin treasury game. Following Spanish coffee chain Vanadi Coffee, now California-based Reborn Coffee has announced it’s initiated a strategic review to assess the potential use of crypto, including bitcoin and ethereum, as part of its “treasury management framework.”
