Key Highlights
- The company liquidated 284 BTC for $20 million during March, averaging approximately $70,422 per bitcoin
- This represented a steep 40% markdown from Nakamoto’s average purchase price of roughly $118,171 per BTC
- Shares closed down 7.16% at $0.21 on Monday, though rebounded approximately 9% during extended trading hours
- Annual filings revealed a staggering $166.2 million impairment on digital asset holdings throughout 2025
- Management outlined plans to wind down healthcare operations while building a dollar-denominated operating fund
Shares of Nakamoto (NAKA) finished Monday’s session at $0.21, reflecting a 7.16% decline, though the stock regained roughly 9% during after-hours activity. Year-to-date performance shows approximately 40% erosion in value.
David Bailey-led bitcoin treasury firm Nakamoto (NAKA) offloaded roughly 284 BTC during March, generating $20 million in proceeds. The transaction valued each coin at approximately $70,422.
The concerning detail? The company’s cost basis for those holdings stood at a weighted average of $118,171 per bitcoin. This means Nakamoto realized approximately a 40% deficit on the transaction.
Details emerged through the firm’s annual 10-K regulatory submission. Management indicated the cash will support working capital requirements and finance integration expenses following multiple recent corporate acquisitions.
No fresh bitcoin purchases have occurred since 2025 concluded. This effectively transforms the March transaction into a partial treasury liquidation during an unfavorable pricing environment.
Significant Annual Losses Mount
For the twelve months ending December 31, 2025, Nakamoto disclosed a net deficit of $52.2 millionâa substantial increase from the previous year’s $3.6 million shortfall. Additionally, the company recognized $166.2 million in losses attributed to fair value adjustments on its cryptocurrency portfolio.
Bitcoin traded at $87,519 as 2025 closed, considerably beneath Nakamoto’s acquisition average. The company’s treasury contained 5,342 BTC at that juncture, representing approximately $467.5 million in value, with 1,625 coins unencumbered and valued near $142.2 million.
Investment activities generated an additional $9.9 million loss during the period.
The legacy healthcare division produced just $1.8 million in revenue for 2025, declining from $2.7 million previously. Management confirmed intentions to completely divest this business line.
Market Concentration Creates Challenges
The liquidation occurred amid growing concentration in corporate bitcoin accumulation. CryptoQuant intelligence indicates Strategyâpreviously known as MicroStrategyâcurrently controls approximately 76% of all bitcoin held by publicly listed treasury companies.
During the most recent 30-day window, Strategy accumulated roughly 45,000 BTC, while the entire remainder of public treasury firms combined acquired merely 1,000 BTC.
Recently, Nakamoto finalized purchases of BTC Inc, operator of cryptocurrency media properties and conferences, alongside UTXO Management, an investment firm specializing in bitcoin opportunities across public and private markets.
Chief Executive David Bailey emphasized the organization’s concentration on completing those integrations and expanding operations across business verticals. He reaffirmed that Nakamoto maintains its “commitment to Bitcoin as a long-term strategic asset” while actively evaluating additional merger and acquisition possibilities.
The company is simultaneously developing a US dollar operating reserve designed to fund strategic initiatives and operational expenses moving forward.
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