Key Highlights
- The company liquidated 284 BTC in March for approximately $20 million, averaging roughly $70,422 per bitcoin
- This represents a steep 40% reduction from the firm’s acquisition cost of approximately $118,171 per BTC
- Shares of NAKA declined 7.16% to $0.21 during regular trading before gaining approximately 9% after hours
- Digital asset fair value adjustments resulted in a $166.2 million loss for the company in 2025
- The firm is moving to wind down its healthcare business segment and establish a dollar-denominated reserve
Shares of Nakamoto (NAKA) finished Monday’s trading session at $0.21, representing a 7.16% decline, though the stock reclaimed roughly 9% during extended trading hours. Year-to-date, the shares have declined approximately 40%.
The bitcoin-focused treasury firm led by chairman David Bailey disclosed the sale of approximately 284 BTC during March, generating proceeds of $20 million. The transaction price averaged around $70,422 per bitcoin.
The challenge? The company’s original acquisition cost for these holdings carried a weighted average of $118,171 per BTC. This means the March liquidation represented approximately a 40% realized loss on the initial investment.
According to the company’s 10-K regulatory filing, Nakamoto disclosed these details and stated the funds will be deployed to strengthen working capital and support integration efforts following multiple recent corporate acquisitions.
No additional bitcoin purchases have been made by the company since 2025 concluded. This effectively makes the recent transaction a partial treasury liquidation executed during unfavorable market conditions.
Challenging Financial Performance
For the twelve-month period ending December 31, 2025, Nakamoto posted a net loss totaling $52.2 million — a significant increase from the $3.6 million loss recorded in the previous year. Additionally, the company recognized a $166.2 million loss stemming from digital asset fair value fluctuations.
Bitcoin was trading at $87,519 as 2025 closed, considerably below Nakamoto’s average acquisition cost. At that juncture, the company’s holdings consisted of 5,342 BTC with an approximate valuation of $467.5 million, which included 1,625 unencumbered BTC valued at roughly $142.2 million.
The firm also recorded a $9.9 million investment loss throughout the year.
Regarding its traditional healthcare operations, revenue contracted to $1.8 million in 2025, down from $2.7 million in the prior period. The company has announced plans to completely divest from this business line.
Market Dynamics and Competitive Landscape
This liquidation occurs amid an increasingly concentrated corporate bitcoin accumulation landscape. Data from CryptoQuant indicates that Strategy — the company formerly known as MicroStrategy — currently represents approximately 76% of total bitcoin holdings among publicly traded treasury corporations.
During just the last 30 days, Strategy accumulated roughly 45,000 BTC, while all other treasury companies combined added merely 1,000 BTC.
Last month, Nakamoto finalized the acquisitions of BTC Inc, which operates cryptocurrency media platforms and events, along with UTXO Management, an investment firm specializing in public and private bitcoin opportunities.
CEO David Bailey emphasized the company’s focus on completing acquisition integrations and expanding operations across its business verticals. He reaffirmed that Nakamoto maintains its “commitment to Bitcoin as a long-term strategic asset” while continuously assessing potential merger and acquisition opportunities.
The company is also in the process of establishing a US dollar-denominated operational reserve designed to fund strategic initiatives and cover operational expenses moving forward.
