The Blockspace Pod: The real story behind NAKA’s BTC Inc transaction
Amanda Fabiano joins the podcast to discuss the evolution of Bitcoin corporate treasuries. From her experience at Fidelity and Galaxy to her new role at NAKA, she explains why public companies need diversified recurring revenue models beyond just holding Bitcoin on their balance sheets.
Feb 24, 2026
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Amanda Fabiano, former Head of Mining at Galaxy and now with Nakamoto, joins us to talk about the shift from Bitcoin mining to building diversified Bitcoin operating businesses. Why the "HODL-only" strategy is evolving for Nasdaq-listed companies, the importance of recurring revenue, and how NAKA is positioning itself as a leader in the next phase of the Bitcoin financial infrastructure.
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Notes:
• Strategy focused on recurring revenue models.
• Transition from mining to operating businesses.
• Shift toward diversified crypto business models.
• Market adjustment for Bitcoin specific firms.
Timestamps:
00:00 Start
05:26 Amanda joins NAKA
07:18 BTC Inc brands
12:06 Valuing companies
16:45 Kindly MD deal
20:18 Next steps & business lines
21:53 Raising debt
28:49 Senior debt obligation
32:54 Preferred equity
34:17 Dividends?
34:58 David Bailey on both sides of the books
40:31 Using proceeds to buy BTC not debt
44:21 NASDAQ delisting notice
49:34 Wrap up
CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.
Published thrice weekly, "The Blockspace Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish twos per week, on Tuesday and Thursday, plus our News Roundup on Saturdays!
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