Nakamoto, led by David Bailey, sells 284 BTC, reducing its bitcoin stash by roughly 5%

Nakamoto Trims Bitcoin Holdings as Liquidity Pressures Build

Nakamoto Holdings (NAKA), the bitcoin-focused company founded by David Bailey, sold around 284 BTC for roughly $20 million in March, signaling a rare pullback in holdings as it shifts toward a bitcoin treasury model.

The company said the proceeds will be directed toward working capital and operational needs following its acquisitions of BTC Inc. and UTXO—two businesses central to its transition into a bitcoin-native platform—according to its annual filing.

Nakamoto entered public markets in May via a merger with healthcare firm KindlyMD and raised $710 million to support its treasury-focused strategy.

The March sale represents करीब 5% of its bitcoin reserves and comes despite the firm’s stated intention to continue accumulating the asset. Based on disclosures, the average sale price was approximately $70,422 per BTC.

The move highlights increasing liquidity strain. Nakamoto holds a $210 million USDT loan from Kraken at an 8% interest rate, secured against a majority of its bitcoin holdings. This financing structure limits flexibility and raises the risk of additional bitcoin sales to service debt obligations.

Financial performance underscores the pressure. The company reported a pre-tax loss of $52.2 million for the year ended Dec. 31, a sharp increase from a $3.6 million loss the prior year. The deterioration was largely driven by a $166.1 million decline in the value of its digital assets amid a late-2025 drop in bitcoin prices.

Nakamoto’s shares have plunged 99% from their May peak, reflecting investor caution as the company navigates its transition and balance sheet challenges.

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