Nakamoto Offloads Bitcoin as Liquidity Pressures Emerge

Nakamoto Holdings (NAKA), the bitcoin-focused company founded by David Bailey, sold approximately 284 BTC for around $20 million in March, marking an unusual reduction in its holdings as it advances its bitcoin treasury strategy.

The company said the proceeds will be used to support day-to-day operations and working capital needs following its acquisitions of BTC Inc. and UTXO—two key pieces of its transition into a bitcoin-native platform—according to its annual filing.

Nakamoto went public in May through a merger with healthcare provider KindlyMD, raising $710 million to fund its treasury-focused ambitions.

The March sale represents roughly 5% of the firm’s bitcoin reserves and comes despite its stated intention to continue accumulating the asset. Based on disclosed figures, the average sale price was около $70,422 per BTC.

The transaction highlights tightening liquidity conditions. Nakamoto has a $210 million USDT loan from Kraken with an 8% interest rate, secured by a majority of its bitcoin holdings. This financing structure constrains flexibility and raises the likelihood of additional asset sales to meet ongoing obligations.

Financial results further underscore the pressure. The company reported a pre-tax loss of $52.2 million for the year ended Dec. 31, compared with a $3.6 million loss a year earlier. The widening deficit was largely driven by a $166.1 million decline in the value of its digital assets following a late-2025 drop in bitcoin prices.

Nakamoto’s shares have fallen 99% from their May peak, reflecting investor concerns as the company navigates its strategic pivot and mounting balance sheet challenges