Nakamoto (NAKA) Shares Tumble 7% Following Bitcoin Fire Sale at Steep Discount

Key Highlights

• The company liquidated 284 BTC in March for approximately $20 million, averaging ~$70,422 per bitcoin
• Original purchase price averaged ~$118,171 per BTC, resulting in roughly 40% loss on initial investment
• Shares closed down 7.16% at $0.21 on Monday, later rebounding approximately 9% after regular trading hours
• Annual filing revealed $166.2 million in digital asset fair value losses throughout 2025
• Management outlined plans to wind down legacy healthcare business and establish dollar-based operational reserves

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Shares of Nakamoto (NAKA) finished Monday’s session at $0.21, representing a 7.16% decline, though the stock regained approximately 9% during extended trading. Year-to-date, the equity remains down roughly 40%.

Nakamoto Inc., NAKA

David Bailey-led bitcoin treasury firm Nakamoto (NAKA) offloaded roughly 284 BTC during March in exchange for $20 million. The transaction valued each coin at approximately $70,422 on average.

The challenge? The company’s original acquisition cost for these holdings averaged $118,171 per bitcoin. This translates to the March divestment occurring at approximately a 40% discount to the initial purchase price.

Details emerged through the firm’s 10-K regulatory filing. Management indicated proceeds would support working capital replenishment and finance integration efforts following multiple recent corporate acquisitions.

No additional bitcoin purchases have occurred since 2025 concluded. This positions the March transaction as a partial treasury liquidation executed during an unfavorable pricing environment.

Challenging Financial Performance

For the twelve months ending December 31, 2025, Nakamoto disclosed a $52.2 million net deficit — a substantial increase from the previous year’s $3.6 million shortfall. Additionally, fair value adjustments on digital holdings generated a $166.2 million loss.

Bitcoin concluded 2025 trading at $87,519, significantly beneath Nakamoto’s cost basis. The company’s treasury contained 5,342 BTC at year-end, representing approximately $467.5 million in value, with 1,625 unencumbered coins worth roughly $142.2 million.

Investment activities produced an additional $9.9 million loss during the period.

Regarding its traditional healthcare operations, revenues contracted to $1.8 million in 2025 from $2.7 million previously. Management has committed to completely divesting this business line.

Contrasting Strategies Among Corporate Bitcoin Holders

The divestment occurs amid increasingly concentrated corporate bitcoin accumulation patterns. CryptoQuant analytics indicate Strategy — previously known as MicroStrategy — controls approximately 76% of all bitcoin treasuries held by publicly traded corporations.

During the most recent 30-day period, Strategy accumulated approximately 45,000 BTC, while competing treasury companies collectively added merely 1,000 BTC.

Nakamoto recently finalized purchases of BTC Inc, operator of cryptocurrency media platforms and conferences, alongside UTXO Management, a bitcoin-focused investment firm serving private and institutional clients.

CEO David Bailey emphasized current priorities involve completing acquisition integrations and expanding operations across business segments. He reaffirmed that Nakamoto “remains committed to Bitcoin as a long-term strategic asset” while continuously assessing merger and acquisition prospects.

The organization is simultaneously developing a US dollar operational reserve designed to fund strategic initiatives and routine operational expenditures moving forward.

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