Nakamoto Holdings sold approximately $20 million worth of Bitcoin in a move aimed at strengthening its balance sheet and improving financial flexibility. The announcement, made late Monday, triggered a drop in the company’s stock, which fell to a record low of $0.211 early Tuesday before recovering slightly to trade around $0.217, still down nearly 80% over the past six months. The sale came alongside a report of a fourth-quarter loss of $142.6 million in the fair value of its digital assets, as Bitcoin experienced a significant price decline.
The firm also recorded a $10.8 million investment loss tied to its stake in Metaplanet, another Bitcoin treasury company. Despite the sales, Nakamoto ended the year holding 5,342 Bitcoin in its treasury, valued at approximately $359 million at the time of reporting. At year-end, the company was down roughly $166 million on its Bitcoin holdings, as the asset had retreated sharply from its October high of $126,080.
With a weighted average purchase price of $118,171 per Bitcoin, the firm’s unrealized losses are estimated to have grown further. As Bitcoin traded around $66,693 on Tuesday — approximately 47% below its all-time high — Nakamoto’s losses on its holdings are estimated at around $275 million. The figures underscore the challenges facing publicly traded companies that have built their strategies around holding Bitcoin as a primary treasury asset.
Chief Executive David Bailey framed the year as one of foundational progress despite the financial headwinds. He noted that the company entered 2025 with a mandate to build a public, Bitcoin-native enterprise, which it pursued through a merger with KindlyMD in August 2025. Bailey said the firm established a Bitcoin treasury, developed a capital strategy, and transitioned into a fully integrated Bitcoin operating business through two key acquisitions completed in February.
Those acquisitions brought BTC Inc, a media and events company operating within the Bitcoin ecosystem, and UTXO Management, which provides public and private asset and capital management services. Both companies had previously been founded by Bailey himself. Together, the deals were intended to give Nakamoto broader operational infrastructure and revenue-generating capabilities beyond simply holding Bitcoin.
Chief Operating Officer Amanda Fabiano outlined the company’s near-term priorities, emphasizing a focus on strengthening operating businesses and scaling revenue initiatives. She said the goal is to combine operating income with disciplined capital allocation in order to reinvest in growth and continue accumulating Bitcoin over time. The firm, which raised more than $700 million to build its digital asset treasury, maintains a stated long-term commitment to Bitcoin despite its turbulent first year as a public company.
Bailey has been candid with shareholders about the volatility accompanying the company’s business transition, including the unlocking of certain shares. In a shareholder letter published in September, he directly addressed investors seeking short-term gains, writing that those who came looking for a trade should consider exiting their positions. The statement reflected the firm’s positioning as a long-term, Bitcoin-focused enterprise rather than a vehicle for near-term speculation.
Originally reported by Decrypt.
