In March, Nakamoto Holdings (NASDAQ: NAKA), the company led by David Bailey, sold 284 Bitcoins for approximately $20 million.
The sale represents about 5% of the company’s total holdings. The average sale price per Bitcoin (BTC) was $70,422.
Nakamoto will use the proceeds for working capital and to fund integration of recent acquisitions.
This marks the first time the firm has reduced its crypto reserves since adopting its bitcoin treasury strategy. As of December 31, 2025, Nakamoto held 5,342 BTC▼$60,666.00 on its books.
Financial Position and Liquidity
In 2025, Nakamoto reported a net loss of $52.2 million, compared to $3.6 million the prior year. The primary driver was a $166.2 million non-cash impairment on its digital assets due to the decline in BTC’s price.
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The company’s average purchase price for BTC was $118,171. Consequently, the March sale incurred a loss of approximately 40%.
Nakamoto’s main assets consist of Bitcoin on its balance sheet, cash, and investments in non-consolidated companies. The firm financed its operations primarily through equity issuances and debt instruments.
Strategic Shift and Plans
In 2025, Nakamoto completed a rebranding and made Bitcoin its primary reserve asset. The company went public in May 2025 through a merger with medical firm KindlyMD. It raised approximately $710 million to fund its treasury strategy.
Recently, it acquired bitcoin-focused media group BTC Inc. and investment firm UTXO Management.
Management intends to exit the medical business and focus on integrating new assets, improving operational efficiency, and scaling products.
“The next chapter for Nakamoto will be defined by execution,” said CEO and Chairman David Bailey. “We are focused on completing acquisition integrations, operational leverage, and growing the company through product, service, and growth initiatives.”
NAKA shares fell 7.16% to $0.21 at the time of the report’s release but recovered about 9% in after-hours trading. Since May 2025, the stock has lost approximately 99% from its all-time high.
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