Key Takeaways
- The company liquidated 284 BTC in March 2025 for approximately $20 million, averaging roughly $70,422 per bitcoin
- This represents a significant 40% haircut compared to Nakamoto’s acquisition cost of approximately $118,171 per BTC
- NAKA shares declined 7.16% to $0.21 during regular trading before bouncing approximately 9% in extended hours
- Annual financial results showed a $166.2 million write-down on digital asset holdings for 2025
- Management announced intentions to wind down healthcare business lines and build a dollar-denominated reserve fund
Shares of Nakamoto (NAKA) finished Monday’s session at $0.21, representing a 7.16% decline, though the stock saw a rebound of approximately 9% during after-hours activity. Year-to-date, the security has lost around 40% of its value.
The bitcoin treasury firm led by Chairman David Bailey disclosed the liquidation of roughly 284 BTC during March, generating $20 million in proceeds. The transaction price averaged approximately $70,422 per bitcoin.
The critical detail? The company’s original acquisition cost for this bitcoin averaged $118,171 per BTC. This means Nakamoto crystallized approximately a 40% realized loss on the sale.
Bitcoin Treasury Company "Nakamoto" is down -99.34% from its peak, erasing over $23.3 billion from its market cap.
If you invested $100,000 in $NAKA last year, today it would be worth $600. pic.twitter.com/5K97EQGWyi
— Bull Theory (@BullTheoryio) March 28, 2026
According to regulatory filings in the company’s 10-K, management intends to deploy the cash to restore working capital levels and support integration efforts following multiple recent corporate acquisitions.
No additional bitcoin purchases have been made by Nakamoto since year-end 2025. This effectively transforms the March transaction into a partial treasury liquidation executed during a period of suppressed cryptocurrency prices.
Significant Annual Losses Reported
For the fiscal year concluding December 31, 2025, Nakamoto disclosed a net loss totaling $52.2 million — a substantial increase from the $3.6 million loss recorded in the previous period. Additionally, the company recognized a $166.2 million impairment from fair value adjustments to its digital asset portfolio.
Bitcoin closed 2025 trading at $87,519, substantially below Nakamoto’s weighted average cost basis. As of year-end, the treasury held 5,342 BTC with a market value of approximately $467.5 million, which included 1,625 unencumbered coins worth roughly $142.2 million.
The firm also recorded a $9.9 million loss on investment activities throughout the year.
Regarding its traditional healthcare operations, revenues contracted to $1.8 million in 2025 compared to $2.7 million in the prior year. Company leadership has indicated plans for a complete exit from this business segment.
Market Dynamics Show Concentration Among Treasury Holders
This divestiture occurs against a backdrop of increasingly concentrated corporate bitcoin accumulation. Data from CryptoQuant indicates that Strategy — the company formerly known as MicroStrategy — now controls approximately 76% of all bitcoin held by publicly traded treasury corporations.
Over just the last 30 days, Strategy accumulated roughly 45,000 BTC, while the aggregate of all other treasury companies purchased merely 1,000 BTC combined.
Nakamoto recently finalized two strategic acquisitions: BTC Inc, operator of cryptocurrency media properties and conference businesses, and UTXO Management, an investment firm specializing in bitcoin across private and public markets.
CEO David Bailey emphasized the company’s near-term priorities center on successfully integrating these acquisitions and achieving scale across multiple business verticals. He reaffirmed that Nakamoto “remains committed to Bitcoin as a long-term strategic asset” while continuing to assess potential merger and acquisition targets.
The company is simultaneously building a US dollar operating reserve designed to fund strategic initiatives and cover operational expenses moving forward.
