Nakamoto Shares Hit New Low After Bitcoin Treasury Firm Sells Off BTC

In brief

• Bitcoin treasury firm Nakamoto (NAKA) sold around $20 million in BTC.
• The firm still holds 5,342 Bitcoin, but is down an estimated $275 million on those holdings given its average weighted purchase price above $118,000.
• Shares in the firm reached a new all-time low on Tuesday, down nearly 80% in the last six months.

Publicly traded Bitcoin treasury firm Nakamoto Holdings (NAKA) sold around $20 million worth of Bitcoin in an effort to improve its balance sheet and financial flexibility, but its stock fell to a fresh low early Tuesday following the late Monday announcement. The firm reported a fourth quarter loss of $142.6 million in fair value of its digital assets amid Bitcoin’s downward slide, while also registering a $10.8 million investment loss thanks to its investment in another Bitcoin treasury firm, Metaplanet.  “Nakamoto Holdings entered 2025 with the mandate to launch a public, Bitcoin-native enterprise and executed that vision through the merger with KindlyMD in August 2025,” said the firm’s CEO David Bailey, in a statement.  

“We established a robust Bitcoin treasury, built a scalable capital strategy, and, with the acquisitions of BTC Inc and UTXO, transitioned into a fully integrated Bitcoin operating business with the scale and infrastructure to drive sustained growth,” he added.  The firm’s acquisitions, both completed in February, added to Nakamoto’s Bitcoin exposure, providing it a media and events firm in the Bitcoin ecosystem (BTC Inc) and public and private asset and capital management services via UTXO Management. Both companies had also been founded by Bailey. Despite its Bitcoin sales, the firm ended the year with 5,342 Bitcoin in its treasury, valued around $359 million at the time of writing. At the end of the year, the firm was down around $166 million on its Bitcoin holdings, as the top crypto asset had fallen sharply from its October high of $126,080.  With a reported weighted average purchase price of $118,171, it’s estimated that the firm is now down around $275 million on its Bitcoin holdings as BTC changes hands around $66,693 on Tuesday, 47% off its all-time high mark.

“Our focus now is on strengthening our operating businesses, scaling revenue-generating initiatives, and building infrastructure for a unified Bitcoin company,” Nakamoto COO Amanda Fabiano said, in a statement. “By combining operating income with disciplined capital allocation, we aim to reinvest into growth initiatives and Bitcoin accumulation while strengthening Nakamoto over time.” The firm, which raised more than $700 million to build a digital asset treasury focused on Bitcoin, is still focused on a long-term commitment to crypto’s largest asset but it has been subject to a volatile first year.  While warning shareholders of some of that volatility amid its business transition and the unlocking of some shares, Bailey notably encouraged short-term investors in the business to sell their positions.  “For those shareholders who have come looking for a trade, I encourage you to exit,” he wrote in a shareholder letter published in September. Shares of the firm are trading around 3.3% higher on Tuesday, recently changing hands around $0.217. That mark is down nearly 80% in the last six months. Earlier Tuesday, shares fell to $0.211, the firm’s lowest price to date.