Nakamoto Inc. (NAKA), a firm specializing in Bitcoin treasury management, has made headlines following its decision to sell approximately 284 Bitcoin (BTC) in March, amounting to around $20 million. This sale, revealed in its 10-K filing, indicates an average exit price of approximately $70,422 per Bitcoin, marking a notable trim to the company’s digital asset treasury.
Adding to the financial strategy, Nakamoto has announced plans to establish a US dollar operating reserve aimed at financing strategic projects, integration activities, and everyday operational expenses. The company initiated its Bitcoin operations strategy subsequent to the completion of the Nakamoto Merger on August 14, 2025, which left it holding 5,342 BTC at the end of that year, valued around $467.5 million.
Despite this ambitious strategy, the firm faced substantial setbacks. For the year ending December 31, 2025, Nakamoto reported a staggering $166.2 million loss due to changes in the fair value of its digital assets. This decline reflected a significant drop in Bitcoin’s value, fluctuating from a weighted average purchase price of $118,171 per BTC to $87,519 as of year-end. In addition, the firm recorded a $9.9 million loss on other investments.
CEO David Bailey articulated the company’s ongoing commitment to its strategic approach, stating, “We are focused on completing the integration of our acquisitions, driving operating leverage, and scaling our company through expanded products, services, and growth initiatives across each of our verticals. We remain committed to Bitcoin as a long-term strategic asset and are focused on growing our treasury in a disciplined and capital-efficient manner.”
The firm’s stock has similarly faced pressure. Data from Google Finance revealed that NAKA experienced a 7.16% decline, closing at $0.21 on Monday. However, the stock showed signs of recovery, gaining approximately 5.6% in after-hours trading. Overall, NAKA’s performance has weakened, reporting a nearly 40% drop year-to-date.
The timing of Nakamoto’s Bitcoin sale raises concerns, especially as the landscape for Bitcoin treasury companies becomes increasingly challenging. Recent data from CryptoQuant highlights that Strategy, previously known as MicroStrategy, now accounts for about 76% of all Bitcoin held by treasury firms. In the last 30 days alone, Strategy has acquired roughly 45,000 BTC, while other treasury firms collectively added only 1,000 BTC, illustrating a significant decline in participation across the sector.
