Nakamoto Holdings (NAKA), a Bitcoin The firm founded by David Bailey said it sold about 20 BTC for $284 million in March, marking a rare reduction in its holdings as it moves toward a Bitcoin treasury strategy.
The company said in its full-year earnings filing that the proceeds will be used to support working capital and fund operations following the acquisition of BTC Inc. and UTXO, two businesses at the center of its transition to a Bitcoin-focused platform.
The company went public in May by merging with KindlyMD, a health care provider, and raised $710 million to pursue a treasury strategy.
The March sale represented about 5% of the company’s Bitcoin holdings and occurred despite its stated intention to continue accumulating the asset. Based on the disclosure, the average selling price was approximately $70,422 per bitcoin.
The move highlights increasing liquidity pressure. Nakamoto holds an 8%, $210 million USDT loan from Kraken, secured by most of his Bitcoin, limiting financial flexibility and increasing the potential need for further asset sales to meet interest payments.
According to a 10-K filing, the company remains unprofitable, reporting a pre-tax loss of $52.2 million for the year ended Dec. 31, up from a loss of $3.6 million the previous year. This decline was mainly due to the decline in the price of Bitcoin at the end of 2025, causing a decline of $166.1 million in the value of its digital asset.
Shares have fallen 99% from their all-time high in May.