Nakamoto Holdings (NAKA), a bitcoin company founded by David Bailey, said it sold around 284 BTC for $20 million in March, marking a rare reduction in its holdings as it moves toward a Bitcoin cash strategy.
The proceeds will be used to support working capital and fund operations following its acquisitions of BTC Inc. and UTXO, two businesses critical to its transition to a bitcoin-focused platform, the company said in its full-year earnings report.
The company went public in May by merging with KindlyMD, a healthcare provider, and raised $710 million to further its cash flow strategy.
The March sale represents about 5% of the company’s bitcoin holdings and took place despite its stated intention to continue accumulating the asset. According to the leaked information, the average sale price was around $70,422 per bitcoin.
The move highlights growing liquidity pressures. Nakamoto has an 8% Kraken loan, worth $210 million USDT, secured by the majority of his bitcoins, which limits financial flexibility and increases the potential need for additional asset sales to meet interest payments.
According to the 10-K filing, the company remains loss-making, reporting a pretax loss of $52.2 million for the year ended Dec. 31, a larger loss than the previous year’s loss of $3.6 million. This drop is mainly due to a $166.1 million drop in the value of its digital assets due to a decline in the price of bitcoin in late 2025.
Shares are down 99% from their all-time high in May.
