Nakamoto Holdings (NAKA), a bitcoin firm founded by David Bailey, said it sold about 284 BTC for $20 million in March, marking a rare reduction in its holdings as it pivots toward a bitcoin treasury strategy.
The proceeds will be used to support working capital and finance operations following its acquisition of BTC Inc. and UTXO, two companies central to its transition to a bitcoin-focused platform, the company said in its full-year earnings.
The company went public in May by merging with KindlyMD, a healthcare provider, and raised $710 million to pursue the Treasury strategy.
The March sale represents about 5% of the company’s bitcoin holdings and took place despite its stated intention to continue accumulating the asset. Based on the disclosure, the average sales price was about $70,422 per bitcoin.
The move highlights increasing liquidity pressure. Nakamoto has an 8%, $210 million USDT loan from Kraken secured by the majority of its bitcoin, limiting financial flexibility and increasing the potential need for additional asset sales to meet the interest payments.
According to the 10-K filing, the company remains unprofitable and reports a pretax loss of $52.2 million for the year ended Dec. 31, larger than the $3.6 million loss the year before. The decline was primarily driven by a $166.1 million drop in the value of its digital assets due to a fall in the price of bitcoin at the end of 2025.
Shares have fallen 99% from their record high in May.
