Key Points
- The company liquidated 284 BTC in March, generating $20 million at approximately $70,422 per coin
- This represented a substantial markdown from the weighted average purchase price of ~$118,171 per BTC
- Shares declined 7.16% to $0.21 during regular hours, followed by a ~9% rebound in extended trading
- Digital asset fair value adjustments resulted in a $166.2 million write-down during 2025
- Management outlined plans to wind down healthcare operations while building a dollar-denominated operational reserve
Shares of Nakamoto (NAKA) ended Monday’s session at $0.21, reflecting a 7.16% decline, though the stock gained approximately 9% during after-hours activity. Year-to-date performance shows the equity down roughly 40%.
David Bailey’s bitcoin treasury company, Nakamoto (NAKA), liquidated around 284 BTC during March, receiving $20 million in proceeds. This transaction valued each coin at approximately $70,422.
The challenge lies in the acquisition cost. Nakamoto’s original purchase involved a weighted average price of $118,171 per BTC. The March disposal occurred at roughly 40% below the company’s cost basis.
Bitcoin Treasury Company "Nakamoto" is down -99.34% from its peak, erasing over $23.3 billion from its market cap.
If you invested $100,000 in $NAKA last year, today it would be worth $600. pic.twitter.com/5K97EQGWyi
— Bull Theory (@BullTheoryio) March 28, 2026
The transaction appeared in the company’s 10-K regulatory filing. According to Nakamoto’s disclosure, management intends to deploy the capital toward working capital needs and integration expenses related to several recent business combinations.
Since 2025 concluded, the company has made no additional bitcoin acquisitions. This positions the March transaction as a partial treasury liquidation executed during unfavorable pricing conditions.
Financial Performance Shows Substantial Losses
During the twelve months ending December 31, 2025, Nakamoto recorded a net loss of $52.2 million—a significant increase compared to the $3.6 million deficit from the previous period. Digital asset fair value changes contributed a $166.2 million loss to the financial results.
Bitcoin traded at $87,519 when 2025 closed, substantially under Nakamoto’s average acquisition threshold. The company’s holdings consisted of 5,342 BTC at that time, carrying a market value near $467.5 million. Within that total, 1,625 unencumbered BTC represented approximately $142.2 million in value.
Investment activities generated an additional $9.9 million loss throughout the year.
The healthcare division, representing the company’s original business operations, produced $1.8 million in revenue during 2025, down from $2.7 million in the prior year. Management has announced intentions to completely divest this business segment.
Corporate Bitcoin Acquisition Activity Remains Concentrated
The disposal occurs amid increasingly concentrated corporate bitcoin accumulation patterns. CryptoQuant analytics reveal that Strategy—previously known as MicroStrategy—controls approximately 76% of all bitcoin held within publicly traded treasury companies.
During the most recent 30-day period, Strategy accumulated roughly 45,000 BTC, while the aggregate additions from all remaining treasury firms totaled merely 1,000 BTC.
Nakamoto finalized purchases of BTC Inc, operator of cryptocurrency media properties and event platforms, along with UTXO Management, a bitcoin-focused investment enterprise serving both private and public markets, during the previous month.
CEO David Bailey emphasized the organization’s priority on finalizing these business integrations and expanding operations across multiple verticals. Bailey reaffirmed that Nakamoto maintains “commitment to Bitcoin as a long-term strategic asset” while continuing to assess merger and acquisition prospects.
The company is simultaneously developing a US dollar operating reserve designed to support strategic initiatives and cover routine operational expenditures moving forward.
