Key Takeaways
- The company liquidated 284 BTC in March for approximately $20 million, averaging roughly $70,422 per bitcoin
- This represents a steep 40% markdown from the firm’s average buy-in price of approximately $118,171 per BTC
- Shares of NAKA declined 7.16% to settle at $0.21, though rebounded approximately 9% during extended hours
- The firm disclosed a $166.2 million loss attributed to digital asset fair value adjustments throughout 2025
- Management intends to wind down legacy healthcare divisions while building a dollar-denominated operational reserve
Shares of Nakamoto (NAKA) finished Monday’s session at $0.21, reflecting a 7.16% decline, though the stock regained roughly 9% during after-hours activity. Year-to-date, the stock has retreated approximately 40%.
The bitcoin treasury firm led by Chairman David Bailey disclosed in regulatory filings that it offloaded roughly 284 BTC during March, generating proceeds of $20 million. This transaction translates to an average selling price of approximately $70,422 per bitcoin.
The challenge? The company’s original acquisition cost for these coins averaged $118,171 per BTC. This means the March disposal resulted in approximately a 40% realized loss on the initial investment.
According to the company’s 10-K regulatory document, the funds will be deployed to strengthen working capital reserves and support integration expenses following multiple recent corporate acquisitions.
Nakamoto has not expanded its bitcoin position since the conclusion of 2025. This recent transaction effectively represents a partial treasury liquidation during a period of compressed valuations.
Challenging Financial Performance
For the twelve months ending December 31, 2025, the company disclosed a net loss of $52.2 million — a substantial increase compared to the $3.6 million deficit recorded in the previous year. Additionally, Nakamoto recognized a $166.2 million impairment related to fair value fluctuations of its digital asset portfolio.
Bitcoin traded at $87,519 as 2025 concluded, significantly beneath Nakamoto’s average acquisition cost. At that juncture, the company maintained custody of 5,342 BTC with an approximate market value of $467.5 million, which included 1,625 unencumbered coins valued near $142.2 million.
The firm also documented a $9.9 million loss on investment activities throughout the period.
Regarding its traditional healthcare operations, revenues contracted to $1.8 million in 2025 from $2.7 million previously. Company leadership has announced plans to completely divest this business segment.
Corporate Concentration Dynamics
This divestiture occurs amid an increasingly concentrated landscape of corporate bitcoin accumulation. Data from CryptoQuant indicates that Strategy — previously known as MicroStrategy — currently represents approximately 76% of all bitcoin holdings among publicly listed treasury corporations.
During the most recent 30-day period, Strategy accumulated roughly 45,000 BTC, while the aggregate of all other treasury companies combined added merely 1,000 BTC.
Nakamoto recently finalized acquisitions of BTC Inc, operator of cryptocurrency media properties and conference events, alongside UTXO Management, an investment vehicle focused on bitcoin opportunities across private and public markets.
Chief Executive David Bailey stated the organization is prioritizing successful integration of these acquisitions and expanding operations across multiple business verticals. He emphasized that Nakamoto maintains its “commitment to Bitcoin as a long-term strategic asset” while actively pursuing additional merger and acquisition prospects.
The company is simultaneously developing a US dollar-based operational reserve designed to fund strategic initiatives and routine operational expenditures moving forward.
