David Bailey’s Nakamoto divests approximately 5% of its Bitcoin assets, selling 284 BTC.

The sale highlights liquidity challenges as the firm shifts towards a bitcoin treasury strategy.

David Bailey (CoinDesk)

Essential information:

• Nakamoto sold 284 bitcoin for $20 million, resulting in an average sale price of $70,422 per bitcoin.
• The company’s stock has decreased approximately 99% from its peak in May 2025.

Nakamoto Holdings (NAKA), a bitcoin BTC$66,366.19 firm established by David Bailey, announced it sold approximately 284 BTC for $20 million in March, indicating a rare reduction in its assets as it transitions to a bitcoin treasury strategy.

The generated funds will assist in maintaining working capital and financing operations after acquiring BTC Inc. and UTXO, two companies integral to its shift towards a bitcoin-centric platform, as stated in its full-year earnings report.

The firm became public in May through a merger with KindlyMD, a healthcare provider, raising $710 million to implement the treasury strategy.

The March transaction constitutes around 5% of the company’s bitcoin reserves and occurred despite its declared intention to keep accumulating the asset. According to the disclosure, the average sale price was approximately $70,422 per bitcoin.

This action emphasizes increasing liquidity pressures. Nakamoto has an 8%, $210 million USDT loan from Kraken, backed by a majority of its bitcoin, which restricts financial flexibility and raises the likelihood of additional asset sales to fulfill interest obligations.

As per the 10-K filing, the company is still unprofitable, reporting a pre-tax loss of $52.2 million for the year ending Dec. 31, which is larger than the $3.6 million loss from the prior year. The decline was primarily driven by a $166.1 million decrease in the valuation of its digital assets due to a drop in bitcoin prices in late 2025.

The shares have experienced a 99% decline from their all-time high in May.