Nakamoto Inc. (Nasdaq: NAKA), the bitcoin treasury firm chaired by entrepreneur David Bailey, has sold $20 million worth of bitcoin (BTC) in March at an average price below its holding cost, according to its latest filing.
The company sold roughly 284 BTC for $20 million during the month, Nakamoto said in its earnings report released Monday, indicating that it offloaded the bitcoin at about $70,422 per coin.
It plans to use the proceeds to invest further in its core businesses and replenish working capital following recent mergers, per the filing.
The sales came amid market pressure. In 2025, Nakamoto reported a $166.2 million loss from changes in the fair value of its crypto holdings, as bitcoin's price fell to $87,519 on Dec. 31 from an average purchase price of $118,171 per bitcoin. Nakamoto has not purchased additional bitcoin since the end of last year, making its $20 million sale effectively a liquidation at a 40% discount relative to its average acquisition cost, the filing shows.
At the end of 2025, Nakamoto held $467.5 million in digital assets, including 1,625 unencumbered BTC worth roughly $142.2 million at the time. Nakamoto reported a net loss of $52.2 million in 2025, compared to $3.6 million in net loss the previous year.
Meanwhile, the company said it intends to exit its legacy healthcare operations, which generated $1.8 million in revenue in 2025, down from $2.7 million the previous year.
"The next phase of Nakamoto will be defined by execution," David Bailey, CEO and chairman of Nakamoto, said in a statement. "We are focused on completing the integration of our acquisitions, driving operating leverage, and scaling our company through expanded products, services, and growth initiatives across each of our verticals."
Bailey added that the company will continue to "evaluate high-conviction M&A opportunities."
Last month, Nakamoto completed its acquisitions of BTC Inc, which runs crypto media and events, and UTXO Management, an investment firm focused on private and public bitcoin companies.
Nakamoto's shares fell 7.16% to close at $0.21 on Monday, before rebounding about 9% in after-hours trading. The stock is down 80% over the past six months.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.