Nakamoto liquidates Bitcoin at about 40% loss, posts heavy 2025 losses

Nakamoto Inc. sold roughly 284 BTC for $20 million in March, averaging about $70,422 per coin, according to the company’s earnings filing. The sale price was below the company’s average acquisition cost of $118,171 per Bitcoin.

The company said it used the proceeds to fund integration and working capital needs following recent acquisitions and to support core business investments. Last month Nakamoto completed purchases of BTC Inc., which operates crypto media and events, and UTXO Management, an investment firm focused on Bitcoin companies.

For 2025, Nakamoto reported a $166.2 million loss from changes in the fair value of its digital assets. Bitcoin’s price was $87,519 on Dec. 31, below the company’s average purchase price. Nakamoto recorded a net loss of $52.2 million for 2025, compared with a $3.6 million net loss a year earlier.

At year-end 2025 Nakamoto held $467.5 million in digital assets, including 1,625 unencumbered BTC valued at about $142.2 million at that time. The company did not add to its Bitcoin holdings after the end of last year, making the March sale a partial liquidation at roughly a 40% discount to its average purchase price.

Nakamoto also said it will exit its legacy healthcare operations. The unit generated $1.8 million in revenue in 2025, down from $2.7 million the prior year. The company did not provide a timetable for the exit and tied the decision to a focus on scaling products, services and growth initiatives in its remaining lines of business.

In a statement, David Bailey, CEO and chairman, wrote: ‘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.’ He added the company will continue to evaluate high-conviction M&A opportunities.

Nakamoto’s shares fell 7.16% to close at $0.21 on the day the filing was released, then rose about 9% in after-hours trading. The stock has declined roughly 80% over the past six months.