Nakamoto, the Bitcoin treasury company formerly operating as KindlyMD, sold approximately 284 Bitcoin during March for a total of $20 million, implying an average sale price of around $70,400 per coin. That figure represents a roughly 20% discount to the company’s year-end 2024 valuation of $87,519 per coin, when it held 1,625 BTC valued at $142.2 million. Following the transaction, Nakamoto’s Bitcoin holdings stand at approximately 5,058 BTC, down from 5,342 BTC at the close of 2025.
In a regulatory filing, the company stated that proceeds from the sale would be directed toward further investment in its business operations and to replenish working capital related to costs from recent merger activity. The company is chaired by David Bailey, who has outlined a strategy centered on integrating recent acquisitions. Those acquisitions include BTC Inc and UTXO Management, according to a statement from Bailey.
Alongside the Bitcoin sale, Nakamoto also exited a substantial portion of its position in Metaplanet during the first quarter. The company had originally acquired eight million Metaplanet shares at $3.75 each, representing a total outlay of approximately $30 million. During Q1, it sold five million of those shares for roughly $11.1 million, or about $2.22 per share, crystallizing a significant loss on the investment.
The Metaplanet position had already been under pressure before the sale. By the end of 2025, Nakamoto had recorded an unrealized loss of $9.29 million on the holding, including the impact of foreign exchange movements, with the carrying value declining to $20.7 million. The decision to exit a large portion of the stake in Q1 locked in losses that had been building throughout the prior year.
Nakamoto’s broader financial results for 2025 reflected the volatility in crypto markets. The company reported a $166.2 million loss tied to changes in the fair value of its cryptocurrency holdings, as Bitcoin fell below the company’s average purchase price during the period. Its net loss for the full year came to $52.2 million.
Bailey indicated that Nakamoto intends to wind down its legacy healthcare operations as it shifts focus toward integrating its newly acquired businesses. The pivot marks a significant departure from the company’s origins as a healthcare firm, reflecting its repositioning as a Bitcoin-focused treasury company following its rebranding from KindlyMD.
Nakamoto’s share price has declined sharply in recent months. According to data from Yahoo! Finance, the stock is down 40% year-to-date and has lost approximately 80% of its value over the past six months, trading at around $0.21 at the time of reporting — well below a mid-2025 peak above $30. In December 2025, while still trading under the KindlyMD name, the company received a notice from Nasdaq after its shares remained below the $1 minimum bid price for 30 consecutive business days, opening a six-month window to restore compliance or face potential delisting.
Originally reported by CoinTelegraph.
