David Bailey’s Nakamoto Sells 284 Bitcoin at 40% Loss to Fund Operations

Nakamoto Holdings (Nasdaq: NAKA), the bitcoin treasury firm founded by crypto entrepreneur David Bailey, sold 284 BTC for $20 million in March at an average price of roughly $70,422 per coin, according to its annual filing released Monday. That sale price sits 40% below the company’s weighted-average acquisition cost of $118,171 per bitcoin, making it one of the most visible forced liquidations among corporate treasury holders this cycle.

The Nashville-based company said proceeds would replenish working capital and fund operations following its February acquisitions of crypto media firm BTC Inc. and investment manager UTXO Management, both co-founded by Bailey. Nakamoto went public in August 2025 by merging with healthcare provider KindlyMD and raising $710 million to pursue its treasury strategy. It has since announced plans to exit the legacy healthcare business, which generated just $1.8 million in revenue last year.

This story is an excerpt from the Unchained Daily newsletter.

Thank you for subscribing

‘;
}
// Check if event.data indicates form submission
}
});
]]>
The filing revealed a $52.2 million net loss for 2025, driven primarily by a $166.2 million decline in the fair value of its digital assets as bitcoin fell from above $126,000 to roughly $87,500 by year-end. Nakamoto also carries an 8% interest rate on a $210 million USDT loan from Kraken, secured by a majority of its bitcoin holdings, a structure that limits financial flexibility and could force further sales to cover interest payments.

The sale reflects broader distress across the bitcoin treasury sector. According to CryptoQuant, non-Strategy corporate buyers purchased a combined 1,000 BTC over the past 30 days, a 99% decline from the August 2025 peak of 69,000 BTC. Strategy, which holds 762,099 BTC and accounts for roughly 76% of all corporate bitcoin holdings, paused its own weekly purchases last week for the first time in over a year.

Nakamoto’s stock closed Monday at $0.21, down 99% from its all-time high in May 2025. Bailey said in a statement that the company would focus on integrating its acquisitions and scaling operations, adding it would continue to “evaluate high-conviction M&A opportunities.”