David Bailey's Nakamoto Holdings (NAKA) sold roughly 284 BTC in March for $20 million, a rare reduction representing about 5% of its bitcoin holdings. The company, which is pivoting toward a bitcoin treasury strategy, said the proceeds support working capital and operations after acquiring BTC Inc. and UTXO.
$20 Million Bitcoin Sale
The sale was executed at an average price of approximately $70,422 per BTC. Nakamoto went public in May via a reverse merger with health-care provider KindlyMD, raising $710 million to fund its treasury strategy. Despite stating a goal of continued accumulation, the March sale signals liquidity constraints.
$210 Million Loan and Widening Losses
Nakamoto carries an 8% $210 million USDT loan from Kraken, secured by a majority of its bitcoin, limiting financial flexibility. The 10-K filing reveals a pre-tax loss of $52.2 million for the fiscal year ended Dec. 31, compared with $3.6 million a year earlier. The loss ballooned due to a $166.1 million impairment on digital assets from a bitcoin price decline in late 2025.
Shares Down 99% from Peak
NAKA shares have fallen 99% from their all-time high reached in May. The steep drop reflects investor skepticism about the viability of the bitcoin treasury model under heavy debt.