Nakamoto sells $20 million worth of Bitcoin, takes a big loss

Nakamoto Inc. (Nasdaq: NAKA), the Bitcoin holding company founded by businessman David Bailey as Chairman, sold about $20 million worth of BTC in March at a price lower than its carrying cost. According to the latest disclosed filings, the company disposed of approximately 284 BTC at an average price of about $70,422 per BTC.

The move comes as Nakamoto’s crypto portfolio continues to be heavily affected by market volatility. In 2025, the company recorded a $166.2 million loss due to changes in the fair value of digital assets, when Bitcoin’s end-of-year price was significantly lower than its average purchase price. Not buying additional BTC since last year’s end means that this round of sales is essentially a liquidation at a substantial discount relative to its carrying cost.

At the end of 2025, Nakamoto held 1,625 unencumbered BTC, with total digital assets worth hundreds of millions of dollars. However, the company still reported a net loss of $52.2 million for the year, suggesting that its Bitcoin accumulation strategy has not yet translated into financial results comparable to the effort in the short term.

Alongside selling a portion of its BTC, Nakamoto is also restructuring its operations. The company said it will exit the traditional healthcare segment to focus on its core business lines, while emphasizing that the next phase will depend on execution following recent acquisitions. Last month, it completed the purchases of BTC Inc and UTXO Management, showing that its ambition to build an ecosystem centered around Bitcoin has not stalled.

Stock price action also reflects market skepticism. The NAKA ticker has fallen sharply over the past six months, even though there have been occasional short-term rebounds on news. For investors, the bigger question now is no longer how many Bitcoins Nakamoto holds, but whether its treasury strategy can be converted into sustainable enterprise value.