Bitcoin treasury firm, Nakamoto Holdings (NAKA), has sold roughly 5% of its holdings, offloading 284 BTC for about $20 million in March 2026.
The sale was executed at an average price of around $70,400 per bitcoin, significantly below the company’s average acquisition cost of roughly $118,000, implying a sizable realized loss on the transaction.
MARKET ANALYSIS | Over 1/4 of Total Circulating #Bitcoin Supply is Sitting on Unrealized Loss
Data from @artemis shows that Bitcoin Treasury companies are 27% down over the last one month and 41% down over the last 3 months.https://t.co/CnW7fiFnd3 $BTC @BitcoinFear pic.twitter.com/JrQjYDVWkz
— BitKE (@BitcoinKE) December 6, 2025
The Nakamoto Bitcoin sale move appears to be driven by short-term liquidity needs rather than a shift in long-term strategy. Proceeds from the sale are expected to
support operational expenses,
fund ongoing business activities, and
cover costs tied to recent mergers and integration efforts.
Despite the sell-off, Nakamoto retains the majority of its bitcoin treasury signaling that the transaction is a tactical adjustment rather than a broader exit from its bitcoin-focused balance sheet strategy.
EXPERT OPINION | Bitcoin, Digital Asset Treasuries and the Road to 2026: Director of Institutional at Gemini on Where Crypto Is Headed
According to Patrick Lo, the only reason a treasury company makes sense is if it offers leverage, financial engineering or unique access – for… pic.twitter.com/iEbhmZV97z
— BitKE (@BitcoinKE) January 17, 2026
Nakamoto Holdings is run by David Bailey, a prominent Bitcoin entrepreneur, CEO of Nakamoto Holdings (NAKA), and former CEO of BTC Inc. (parent company of Bitcoin Magazine). Known as a Bitcoin advisor to Donald Trump’s 2024 presidential campaign, he focuses on
institutional Bitcoin adoption,
treasury strategies, and
building Bitcoin-focused media and technology businesses.
Nakamoto raised $710 million in May 2025, the largest capital raise to launch a bitcoin treasury to date, to pursue a Bitcoin treasury strategy pushing its shares to an all-time high. Ironically, since then, its NAKA shares have falled by 99% from their all-time as of this writing.
The Nakamoto strategy was to accumulate bitcoin and grow per-share BTC holdings through
equity
debt, and
structured offerings.
EXPERT OPINION | ‘The Market Does Not Have an Appetite for Dozens of Digital Asset Treasuries,’ Says Director of Institutional at Gemini
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