How NOT to Run a Treasury Company (Blockspace Media, Colin Harper) \ stacker news ~econ

Yes yes, I know, nobody likes kicking the guy who's down but... honestly? In this case, some kicking is in order.

It was a bread and circus week for markets, and the Bitcoin-equities crowd couldn’t help but throw peanuts at NAKA and its carnival barkers for the fledgling treasury company’s Q3 earnings

NAKA has become the scapegoat (or posterchild, depending on your allegiance) for 2025’s spectacular collapse in bitcoin treasury companies

Yeah, I mean I'm a broken record on this (#1279207, #1269853, #1284923, #1081555) all year. So I guess I should be happy now that all the despicable dirt is coming out. Look at that BTC/USD graph, you see me laughing?

Anyway, Colin's piece is wonderfully snarky. Well worth reading if you haven't been paying attention to the NAKA debacle

But eh, better for the ~~grifters~~ management be on Twitter trying to damage control the narrative:

After all, it's the Twitter retailers you're relying on to be scammed... in addition to the shitcoiner/hedge fund backers. Just doooon't mention the WAAAR...

Colin nails it, too, with the matryoshka dolls... except that the more you dig through NAKA the worse the problem gets: shitcoiners and shady hedge funds 80% of the PIPE; exec compensation off the charts; bad emergency debt upon worse debt; collateralized BTC with shadyTM peeps available for rehypothecation etc, etc.

Anyway, I can't wait for this shit to end. Also, @mega_dreamer, pay out my bet please (#1284923)

22 sats \ 1 reply \ @siggy47 3h

I don't really pay attention to these bitcoin treasury companies, but that sure was a fun read. Can you give me a quick summary of the Kindly MD connection? It's a healthcare company? Bailey is involved with a healthcare company? Was this a SPAC or something?

36 sats \ 0 replies \ @denlillaapan OP 2h

yes, precisely.

It was a flailing HC company whose only redeeming quality was pliable management and a stock listing. Bailey et al took it over in the May 2025 deal (with some naughty exec compensations, too, btw) and started printing shares like there's no tomorrow following that.

14 sats \ 1 reply \ @Scoresby 2h

I'm confused on this one: who ends up with the bitcoin if/when/as things go south?

102 sats \ 0 replies \ @denlillaapan OP 2h

the lender (Antalpha). They already have the bitcoin (i.e., the keys), but on default on Dec 6, they'll also legally own them.