Nakamoto (NAKA) Stock Falls 7% After Selling 284 BTC at a 40% Loss

TLDR

• Nakamoto sold 284 BTC for $20 million in March, at an average price of ~$70,422 per coin
• The sale came at a 40% discount to its average acquisition cost of ~$118,171 per BTC
• NAKA stock dropped 7.16% to close at $0.21 before recovering ~9% in after-hours trading
• The company reported a $166.2 million loss from changes in fair value of its digital assets in 2025
• Nakamoto plans to exit its legacy healthcare operations and create a US dollar operating reserve

Nakamoto (NAKA) closed Monday at $0.21, down 7.16%, before recovering about 9% in after-hours trading. The stock is down roughly 40% year-to-date.

Nakamoto Inc., NAKA

Nakamoto (NAKA), the bitcoin treasury company chaired by David Bailey, sold approximately 284 BTC in March for $20 million. That works out to an average exit price of around $70,422 per coin.

The problem? Nakamoto originally bought that bitcoin at a weighted average price of $118,171 per BTC. That means the March sale was done at a roughly 40% loss on cost.

The sale was disclosed in the company’s 10-K filing. Nakamoto said it plans to use the proceeds to replenish working capital and fund ongoing integration activities after a series of recent acquisitions.

The company has not purchased any additional bitcoin since the end of 2025. That makes this latest transaction effectively a liquidation of part of its treasury at depressed prices.

A Rough Year for the Treasury

For the full year ended December 31, 2025, Nakamoto reported a net loss of $52.2 million — up sharply from a $3.6 million loss the prior year. The company also booked a $166.2 million loss from changes in the fair value of its digital assets.

Bitcoin was sitting at $87,519 at year-end 2025, well below Nakamoto’s average purchase price. At that point, the firm held 5,342 BTC valued at roughly $467.5 million, including 1,625 unencumbered BTC worth about $142.2 million.

The company also recorded a $9.9 million loss on investments during the year.

In its legacy healthcare business, revenue fell to $1.8 million in 2025, down from $2.7 million the year before. Nakamoto said it intends to exit that segment entirely.

A Crowded Exit in a Thin Market

The sale also comes at a time when corporate bitcoin buying has become increasingly lopsided. According to CryptoQuant data, Strategy — formerly MicroStrategy — now accounts for roughly 76% of all bitcoin held by publicly traded treasury firms.

In the past 30 days alone, Strategy added around 45,000 BTC, while all other treasury firms combined added just 1,000 BTC.

Last month, Nakamoto completed acquisitions of BTC Inc, which runs crypto media and events, and UTXO Management, a private and public bitcoin-focused investment firm.

CEO David Bailey said the company is focused on completing those integrations and scaling across its verticals. He added that Nakamoto remains “committed to Bitcoin as a long-term strategic asset” and will continue evaluating M&A opportunities.

Nakamoto is also working to establish a US dollar operating reserve to cover strategic projects and day-to-day expenses going forward.

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