Nakamoto Inc. Sells 284 BTC for $20 Million at 40% Loss amid Strategic Shift

Nakamoto Inc. (Nasdaq: NAKA), the Bitcoin treasury firm chaired by David Bailey, sold approximately 284 Bitcoin for $20 million in March 2026, realizing an average price of $70,422 per BTC compared to its average acquisition cost of $118,171, representing a 40% loss on the sale.

The company reported a $166.2 million loss from changes in the fair value of its crypto holdings for full-year 2025 as Bitcoin declined from its weighted average purchase price to $87,519 by December 31, 2025, and announced plans to exit legacy healthcare operations following acquisitions of BTC Inc and UTXO Management.

Nakamoto Uses Bitcoin Sale Proceeds for Operating Reserve and Acquisitions Integration

Nakamoto sold the 284 BTC during March 2026, generating $20 million to establish a dedicated US dollar operating reserve. The company stated that the proceeds will be used to fund strategic initiatives, integration activities, and operating expenses, including interest expense related to its outstanding Kraken loan. The sale effectively liquidates a portion of its holdings at a 40% discount relative to average acquisition cost.

As of December 31, 2025, Nakamoto held 5,342 Bitcoin with a fair value of $467.5 million in digital assets, including 1,625 unencumbered BTC worth approximately $142.2 million at that time. Following the March sale, the company’s remaining Bitcoin holdings are approximately 5,058 BTC. Nakamoto has not purchased additional Bitcoin since the end of 2025.

The company reported a net loss of $52.2 million for full-year 2025, compared to a net loss of $3.6 million in 2024. The fourth quarter 2025 net loss was $160.7 million on a GAAP basis, driven by a $142.6 million non-cash loss from the change in fair value of digital assets and a $10.8 million loss on investments, primarily related to its Metaplanet Bitcoin-related investment.

Nakamoto Exits Healthcare Operations and Completes Acquisitions of BTC Inc and UTXO Management

Nakamoto has initiated an orderly exit of its legacy healthcare operations, which generated $1.8 million in revenue in 2025, down from $2.7 million in 2024. The exit is expected to reduce operating losses and simplify the company’s cost structure, allowing full focus on its Bitcoin-native business.

In February 2026, Nakamoto completed the acquisitions of BTC Inc, which operates crypto media and events, and UTXO Management, an investment firm focused on private and public Bitcoin companies. The acquisitions transform Nakamoto into a vertically integrated operating business with revenue-generating verticals spanning media, asset management, and advisory services.

David Bailey, CEO and chairman of Nakamoto, stated that the next phase of the company will be defined by execution, focusing on completing integration of acquisitions, driving operating leverage, and scaling through expanded products and services. The company intends to continue evaluating high-conviction merger and acquisition opportunities.

Nakamoto Stock Declines 80% over Six Months as Bitcoin Treasury Strategy Faces Market Pressure

Nakamoto shares fell 7.16% to close at $0.21 on March 31, 2026, before rebounding approximately 9% in after-hours trading. The stock is down 80% over the past six months. The company’s enterprise value as of December 31, 2025 was $341 million, calculated as market capitalization of $154 million plus notes payable of $210 million less cash of $23 million.

The company’s Bitcoin treasury strategy, launched in August 2025, has been impacted by Bitcoin’s price decline from its all-time high of approximately $126,199 in October 2025 to current levels near $66,844. Nakamoto reported a $166.2 million loss from changes in fair value of digital assets for full-year 2025, reflecting the decline in Bitcoin from its weighted average purchase price of $118,171 to $87,519 at year end.

Nakamoto has completed a share repurchase program, purchasing 2,332,206 shares of common stock. The company also appointed experienced public company executives including Teri Gendron as Chief Financial Officer and John Dalton as Chief Accounting Officer. The company’s shares outstanding increased from 437.9 million at year-end 2025 to 690.0 million as of March 27, 2026.

FAQ

How much Bitcoin did Nakamoto sell and at what loss?

Nakamoto sold approximately 284 Bitcoin for $20 million in March 2026, at an average price of $70,422 per BTC. This represents a 40% loss compared to the company’s average acquisition cost of $118,171 per Bitcoin.

What acquisitions did Nakamoto complete in early 2026?

Nakamoto completed the acquisitions of BTC Inc, which operates crypto media and events, and UTXO Management, an investment firm focused on Bitcoin companies. The acquisitions were finalized in February 2026 and are intended to transform Nakamoto into a vertically integrated Bitcoin operating business.

What is Nakamoto’s strategic direction following the Bitcoin sale?

Nakamoto is exiting its legacy healthcare operations to focus on its Bitcoin-native business. The company intends to use proceeds from the Bitcoin sale to establish an operating reserve for integration activities and expenses, while continuing to hold Bitcoin as a long-term strategic treasury asset. The company is also evaluating further merger and acquisition opportunities.