Why We Are Discontinuing Nakamoto’s Live Metrics Dashboard

Over the past year, we have expanded into broader Bitcoin-native operating businesses through the acquisitions of UTXO Management and BTC Inc., in addition to the development of more sophisticated treasury and capital markets strategies. As a result, the structure of our business has changed, and maintaining a public-facing live dashboard is no longer practical or appropriate. Nakamoto's Bitcoin holdings, debt, cash, and share count will continue to be posted to our Investor Relations website according to the most recent quarterly filings.

While our decision to sunset the live dashboard is pragmatic in nature, we recognize that this decision is a slight departure from how our peers report their treasury activity. While the list below is not exhaustive, there are several reasons behind this decision that we would like to share in an effort to remain transparent and informative about the evolving landscape of Bitcoin companies adopting operating businesses.

Active Bitcoin Treasury and Derivatives Management

Nakamoto's Bitcoin holdings are not a passive balance sheet asset. As previously disclosed, the company utilizes an actively managed Bitcoin derivatives strategy designed to improve capital efficiency, manage risk, and support long-term shareholder value creation.

Treasury exposure can change intraday due to the derivatives program's performance, and as a result, a dashboard's utility for a treasury company utilizing a derivatives program such as ours is limited in its ability to report information in real time. Nakamoto will report the program's performance as part of its quarterly and annual reports. The first results of the program were included in this quarter's filings (Q1 2026.)

BTC Inc. and UTXO Management Adds Operational Complexity

BTC Inc. operates a large-scale media, events, and services business with operational cash flows and bitcoin-related payment activity occurring across multiple business units. UTXO has investment portfolio positions that can change in public and private transactions. Not every inflow or outflow represents treasury allocation activity, and not every treasury movement reflects operational performance. We are unable to reliably provide this type of information on a regular basis. As a result, a real-time dashboard is no longer well aligned with the timing and structure of quarterly public company reporting.

Our Commitment to Transparency Has Not Changed

We appreciate the utility that treasury dashboards provide, especially to retail investors, however we believe standardized, periodic reporting is the more accurate and responsible approach for our business. Going forward, investors should rely on our quarterly earnings reports, SEC filings, and formal shareholder communications for updates regarding our Bitcoin treasury, capital allocation strategy, operating performance, and investment activities. Those reports provide the appropriate level of review, reconciliation, context, and compliance oversight necessary to present an accurate picture of the business.