Nakamoto, the Bitcoin treasury company formerly known as KindlyMD, disclosed the sale of roughly 284 Bitcoin in March, generating $20 million in proceeds. The sale was detailed in a Form 10-K filing dated March 30. The average sale price of approximately $70,400 per coin sat about 20% below the $87,519 per-coin valuation Nakamoto assigned to its Bitcoin holdings at the end of 2025. At that time, the firm held 5,342 BTC worth $142.2 million.
The company, chaired by David Bailey, said the funds would be used to invest further in its businesses and replenish working capital for costs associated with recent mergers. After the sale, Nakamoto still holds 5,058 Bitcoin. Management described the remaining position as a long-term strategic asset, stating in the filing that the approach "reflects a disciplined capital strategy that separates long-term Bitcoin exposure from short-term operating liquidity."
Metaplanet Stake Sold at a Loss Exceeding 40%
Alongside the Bitcoin sale, Nakamoto significantly reduced its stake in Metaplanet, the Tokyo-listed Bitcoin treasury firm. The company had originally acquired eight million Metaplanet shares at $3.75 each, for a total cost of roughly $30 million. During the first quarter, Nakamoto sold 5 million of those shares for approximately $11.1 million, implying an average exit price of $2.22 per share and a realized loss of more than 40%. By the end of 2025, the investment had already recorded an unrealized loss of $9.29 million, including foreign-currency effects, with the carrying value down to $20.7 million.
The timing of the Metaplanet reduction coincided with pressure on the stock price of the Japanese firm, adding to Nakamoto's portfolio challenges.
$166.2 Million Fair-Value Hit, Stock Down 80%
Nakamoto reported a net loss of $52.2 million for 2025, which included a $166.2 million loss tied to changes in the fair value of its digital asset holdings. Bitcoin traded below the company's average acquisition cost of approximately $118,171 per coin for much of the year, causing significant impairment. The stock has fallen 80% over the past six months, from a mid-2025 peak above $30 to around $0.21. After 30 consecutive business days with a closing price below $1, Nasdaq issued a compliance notice, giving the company six months to regain compliance.
Management acknowledged the share price decline but pointed to ongoing restructuring as a path forward.
Restructuring via $107.3M All-Stock Acquisitions, Exit from Healthcare
In February 2026, Nakamoto completed the acquisitions of BTC Inc. and UTXO Management GP, LLC in an all-stock deal valued at approximately $107.3 million. The deal brought media, events, and capital management operations under one roof. The company also initiated an exit from legacy healthcare operations, expected to be completed over the next two quarters, aiming to reduce operating losses and focus on Bitcoin-native businesses spanning media, asset management, and advisory services.
Despite the portfolio sales, Nakamoto characterized its remaining 5,058 BTC as a core strategic reserve. "Management believes this approach reflects a disciplined capital strategy that separates long-term Bitcoin exposure from short-term operating liquidity," the filing stated.