Nakamoto, the Bitcoin treasury firm formerly known as KindlyMD, trimmed its crypto exposure in March, selling $20 million worth of Bitcoin and cutting a large portion of its Metaplanet investment at a loss during Q1.
284 BTC Sold at ~$70,400, 20% Below Year-End Mark
According to the latest filing, the company disposed of 284 BTC for about $20 million, implying an average sale price near $70,400. That price sits well below the $87,519 per coin valuation assigned to its holdings at end-2025, roughly 20% lower. Nakamoto said it plans to use the proceeds to invest further in its businesses and replenish working capital for costs tied to recent mergers.
Metaplanet Stake Halved, Realized Loss Confirmed
Nakamoto also cut equity exposure. It had built an 8 million-share stake in Metaplanet at $3.75 per share, costing nearly $30 million. During Q1, 5 million of those shares were sold for about $11.1 million, implying an average exit price of $2.22 and confirming a realized loss. By end-2025, the company had recorded a $9.29 million unrealized loss on that investment, bringing the carrying value to $20.7 million.
$166M Fair-Value Loss, Net Loss of $52.2M in 2025
Market pressures weighed on the full-year results. Nakamoto reported a $166.2 million loss linked to fair value changes in its digital asset portfolio as Bitcoin traded below its cost basis. Net loss for 2025 totaled $52.2 million. The company is winding down its healthcare business to focus on recently acquired Bitcoin-native operations: BTC Inc. and UTXO Management. Last month, it agreed to acquire both entities in an all-stock deal valued at roughly $107.3 million.
Shares Plunge to $0.21, Nasdaq Compliance Clock Ticks
Market performance remains dire. Yahoo Finance data shows Nakamoto shares down 40% year-to-date and 80% over the past six months, trading near $0.21 — a far cry from the mid-2025 peak above $30. Nasdaq has issued a notice: the stock stayed below the $1 minimum bid threshold for 30 consecutive trading days, giving the company six months to regain compliance or face delisting.