Does the above mean that BTC Inc. was valued at ~$200 million?
No, I think this is the corresponding accounting gain from not having to print all the shares necessary to acquire BTC Inc + UTXO at market value.
Basically, the transaction in February was accretive to Naka shareholders because they could hand over 4x overvalued shares (at original $1.12 share price instead of $0.30 that was the market price at closing), and this is where the accounting value showed up.
update: to answer your question, BTC Inc was valued at $377,220,594 (+ 30m flat for UTXO management) but they purchased them printing shares market worth $107m
No, I think this is the corresponding accounting gain from not having to print all the shares necessary to acquire BTC Inc + UTXO at market value.
Basically, the transaction in February was accretive to Naka shareholders because they could hand over 4x overvalued shares (at original $1.12 share price instead of $0.30 that was the market price at closing), and this is where the accounting value showed up.
update: to answer your question, BTC Inc was valued at $377,220,594 (+ 30m flat for UTXO management) but they purchased them printing shares market worth $107m