Nakamoto Holdings (NAKA), a bitcoin The firm founded by David Bailey said it sold around 284 BTC for $20 million in March, marking a rare reduction in its holdings as it pivots toward a bitcoin treasury strategy.
Proceeds will be used to support working capital and fund operations following the acquisitions of BTC Inc. and UTXO, two businesses critical to its transition to a bitcoin-focused platform, the company said in its full-year results presentation.
The company went public in May by merging with KindlyMD, a healthcare provider, and raised $710 million to pursue the treasury strategy.
The March sale represents about 5% of the company’s bitcoin holdings and was carried out despite its stated intention to continue accumulating the asset. According to the disclosure, the average sale price was around $70,422 per bitcoin.
The move highlights growing liquidity pressures. Nakamoto has an 8%, $210 million USDT Kraken loan, secured by most of his bitcoin, limiting financial flexibility and increasing the potential need for further asset sales to meet interest payments.
According to the 10-K filing, the company remains unprofitable and reported a pretax loss of $52.2 million for the year ended Dec. 31, larger than the $3.6 million loss a year earlier. The drop was mainly due to a $166.1 million drop in the value of its digital assets due to a drop in the price of bitcoin in late 2025.
The stock has fallen 99% from its all-time high in May.
