Company Profit Model Cryptocurrency-related profits: Raising funds through equity financing (such as a $510 million PIPE transaction) and debt financing ($200 million convertible bonds) to purchase Bitcoin at a low price and hold it long-term, profiting from capital appreciation when the price rises. At the same time, there are plans to expand Bitcoin reserves through mergers and acquisitions to further enhance asset value. Traditional business supplement: Retain the service income from the original medical clinic, but this portion will gradually decrease in proportion to the overall business.

The role and significance of the profit model Capital appreciation logic: Utilizing the high volatility of Bitcoin and long-term bullish expectations, asset appreciation is achieved through concentrated holdings. This model is similar to Micro Strategy's "Bitcoin treasury" strategy, but NAKA places greater emphasis on global mergers and acquisitions expansion. Financing leverage effect: The design of convertible bonds in PIPE transactions (for example, a conversion price of $2.80, which is higher than the issuance price of $1.12) provides potential returns for investors while reducing the company's short-term debt repayment pressure, ensuring that funds are prioritized for Bitcoin allocation. Strategic significance: By incorporating Bitcoin into its balance sheet, the company aims to position itself as a "Bitcoin-native financial instrument," providing investors with a compliant channel to directly bet on the cryptocurrency market while avoiding the volatility risks of traditional financial markets.

Affected cryptocurrencies and methods Main impact on Bitcoin (BTC): The company directly increases market demand through large-scale purchases, which may drive up the coin price in the short term. Its ongoing financing and coin acquisition plans also send positive signals to the market, boosting investor confidence. In addition, the plan to conduct business in countries like Saudi Arabia and the UAE after the merger may promote the local compliance process for Bitcoin. Other cryptocurrencies not involved: Currently, public information shows that the company's strategy focuses on Bitcoin, with no mention of involvement in Ethereum (ETH), Solana (SOL), and others.