Key Highlights
- The company liquidated 284 BTC in March for approximately $20 million, averaging roughly $70,422 per bitcoin
- This represents a 40% markdown from Nakamoto’s average buy-in price of approximately $118,171 per BTC
- Shares closed down 7.16% at $0.21, though saw a roughly 9% bounce in extended trading
- Nakamoto posted a $166.2 million impairment on its digital asset holdings throughout 2025
- Management intends to wind down legacy healthcare ventures while building a dollar-denominated operational fund
Nakamoto (NAKA) finished Monday’s session at $0.21, representing a 7.16% decline, though the stock rebounded approximately 9% during after-hours activity. The shares have declined around 40% since the start of the year.
David Bailey’s Nakamoto (NAKA), operating as a bitcoin treasury entity, offloaded roughly 284 BTC during March, generating $20 million in proceeds. This translates to an average selling price near $70,422 per bitcoin.
The challenge? The firm’s weighted average acquisition cost for those bitcoins stood at $118,171 per coin. This means Nakamoto crystallized an approximate 40% realized loss on the transaction.
According to the company’s 10-K regulatory filing, the sale was disclosed with proceeds earmarked for working capital replenishment and supporting integration efforts following multiple recent acquisitions.
No new bitcoin purchases have occurred since year-end 2025. This effectively transforms the March transaction into a partial treasury drawdown executed during unfavorable market conditions.
Challenging Financial Results
For the twelve months ending December 31, 2025, Nakamoto disclosed a net loss of $52.2 million — a substantial increase compared to the previous year’s $3.6 million deficit. Additionally, the firm recognized a $166.2 million fair value adjustment loss tied to its cryptocurrency holdings.
Bitcoin was trading at $87,519 when 2025 closed, significantly beneath Nakamoto’s average acquisition cost. The company’s treasury contained 5,342 BTC at that juncture, valued at approximately $467.5 million, with 1,625 unencumbered coins representing about $142.2 million in value.
The firm also absorbed a $9.9 million investment loss during the period.
Regarding its traditional healthcare operations, revenues contracted to $1.8 million in 2025 from $2.7 million previously. Management has announced plans for complete divestiture of this business segment.
Strategic Positioning Amid Market Consolidation
This liquidation occurs as corporate bitcoin accumulation becomes increasingly concentrated. CryptoQuant analytics reveal that Strategy — the entity previously known as MicroStrategy — currently controls approximately 76% of all bitcoin treasured by publicly listed corporate holders.
Over the trailing 30-day period, Strategy accumulated approximately 45,000 BTC, whereas all remaining treasury corporations collectively acquired merely 1,000 BTC.
Nakamoto recently finalized acquisitions of BTC Inc, operator of cryptocurrency media platforms and conferences, alongside UTXO Management, an investment vehicle specializing in public and private bitcoin exposure.
CEO David Bailey emphasized the organization’s concentration on integration completion and vertical expansion. He reaffirmed that Nakamoto maintains its “commitment to Bitcoin as a long-term strategic asset” while continuously assessing merger and acquisition prospects.
The company is simultaneously developing a US dollar operational reserve designed to finance strategic initiatives and routine operational expenditures moving forward.
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