Nakamoto Holdings Sells 284 Bitcoin for $20 Million

Nakamoto Holdings, the bitcoin treasury company chaired by David Bailey, sold approximately 284 bitcoin in March for $20 million, representing a partial liquidation of its holdings at a significant discount to its average acquisition cost.

The transaction, detailed in the company's annual 10-K filing released Monday, averaged $70,422 per bitcoin. Nakamoto originally purchased the coins at a weighted average price of $118,171 each, resulting in a roughly 40 percent loss on the sale. The firm has not acquired additional bitcoin since the end of 2025, when prices closed at $87,519, well below its entry levels. At year-end 2025, Nakamoto held 5,342 bitcoin valued at $467.5 million, including 1,625 unencumbered coins worth $142.2 million. Following the March sale, holdings stood at about 5,058 bitcoin.

Proceeds from the sale are earmarked for replenishing working capital and funding integration efforts after recent acquisitions, the company stated. Nakamoto completed purchases of BTC Inc., operator of cryptocurrency media platforms and conferences, and UTXO Management, a bitcoin-focused investment firm, in February. These moves align with a broader pivot toward bitcoin-centric...