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. Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. 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. Subscribe to the newsletter! https://newsletter.blockspacemedia.com 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 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.