Nakamoto Inc. (Nasdaq: NAKA) sold $20 million in bitcoin at a steep discount to its acquisition cost. The move signals liquidity pressure and a strategic pivot as treasury firms adjust to prolonged volatility.
The company offloaded roughly 284 bitcoin (BTC) in March at an average price near $70,422, according to its latest filing. That compares with an average purchase price of $118,171 per BTC, implying a realized loss near 40%. Proceeds will support core operations and working capital following recent acquisitions.
Why Is Nakamoto Realizing Losses On Bitcoin Holdings?
The sale follows a broader drawdown in digital asset valuations across 2025. Nakamoto reported a $166.2 million fair value loss on crypto holdings as bitcoin declined to $87,519 at year-end, based on company disclosures. By comparison, the firm held $467.5 million in digital assets at the end of 2025, including 1,625 unencumbered BTC.
But the liquidation also reflects shifting priorities beyond passive treasury exposure. Nakamoto has not added to its bitcoin position since late 2024, indicating a pause in accumulation as balance sheet pressures mount. Its net loss widened to $52.2 million in 2025, from $3.6 million a year earlier.
“The next phase of Nakamoto will be defined by execution,” said David Bailey, CEO and chairman of Nakamoto.
He added the firm is focused on integrating acquisitions and expanding across its business verticals while evaluating new merger and acquisition opportunities.
Still, the firm is simultaneously exiting legacy healthcare operations, which generated $1.8 million in revenue in 2025, down from $2.7 million the prior year. Can treasury-focused firms sustain bitcoin-heavy strategies during extended drawdowns?
Nakamoto’s next catalyst will likely center on post-acquisition performance following its purchases of BTC Inc. and UTXO Management, alongside any renewed bitcoin accumulation if market conditions stabilize.
