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 fund operations following its acquisitions of BTC Inc. and UTXO, two businesses central to its transition into a bitcoin-focused platform, the company said in its full-year earnings filing.
The company went public in May by merging with KindlyMD, a health-care provider, and raised $710 million to pursue the treasury strategy.
The March sale represents some 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 sale price was around $70,422 per bitcoin.
The move highlights growing liquidity pressures. Nakamoto has an 8%, $210 million USDT loan from Kraken, secured by a majority of its bitcoin, limiting financial flexibility and increasing the potential need for further asset sales to meet the interest payments.
According to the 10-K filing, the company remains unprofitable, reporting a pre-tax loss of $52.2 million for the year ended Dec. 31, wider than the $3.6 million loss the previous year. The drop was driven primarily by a $166.1 million slump in the value of its digital assets due to a late-2025 bitcoin price decline.
The shares have fallen 99% from their all-time high in May.