Nakamoto Sells Bitcoin to Bolster Liquidity Amid Treasury Pivot
Nakamoto Holdings (NAKA), the bitcoin-focused firm founded by David Bailey, sold approximately 284 BTC for about $20 million in March, marking an uncommon reduction in its holdings as it advances its bitcoin treasury strategy.
The company said the proceeds will be used to support working capital and ongoing operations following its acquisitions of BTC Inc. and UTXO—two key components of its transition into a bitcoin-centric platform—according to its full-year earnings filing.
Nakamoto went public in May through a merger with healthcare provider KindlyMD and raised $710 million to execute its treasury-focused strategy.
The March transaction accounted for roughly 5% of its bitcoin reserves and comes despite the company’s stated long-term goal of continued accumulation. Based on disclosed figures, the average sale price was करीब $70,422 per bitcoin.
The sale also underscores mounting liquidity constraints. Nakamoto currently carries an $210 million USDT loan from Kraken with an 8% interest rate, backed by a majority of its bitcoin holdings. This structure limits financial flexibility and could increase the likelihood of further asset sales to meet debt obligations.
Financial results reflect the strain. In its 10-K filing, the company reported a pre-tax loss of $52.2 million for the year ended Dec. 31, widening significantly from a $3.6 million loss a year earlier. The decline was largely driven by a $166.1 million drop in the value of its digital assets following a late-2025 downturn in bitcoin prices.
Shares of Nakamoto have fallen 99% from their peak in May, highlighting investor concerns as the company navigates its transition.
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