Publicly traded Bitcoin treasury firm Nakamoto Holdings (NAKA) has sold approximately $20 million worth of Bitcoin, citing a need to improve its balance sheet and financial flexibility. The firm reported a fourth-quarter loss of $142.6 million on the fair value of its digital assets. Despite the sale, Nakamoto still holds 5,342 Bitcoin, but its reported weighted average purchase price of over $118,000 leaves it with an estimated $275 million unrealized loss at current prices. The company’s shares hit a new all-time low on Tuesday, down nearly 80% over the last six months.
Nakamoto Holdings sold around $20 million in Bitcoin to strengthen its financial position. The firm’s stock fell to a fresh record low following the announcement late Monday.
It reported a fourth-quarter loss of $142.6 million on its digital assets’ fair value amid Bitcoin’s decline. The company also registered a $10.8 million investment loss from its stake in Metaplanet, another Bitcoin treasury firm.
CEO David Bailey stated the firm entered 2025 with a mandate to launch a Bitcoin-native enterprise, executed through a merger. “We established a robust Bitcoin treasury, built a scalable capital strategy, and, with the acquisitions of BTC Inc and UTXO, transitioned into a fully integrated Bitcoin operating business,” he said.
Those February acquisitions added Bitcoin ecosystem media and asset management services via companies also founded by Bailey. The firm ended the period with 5,342 Bitcoin, valued at approximately $359 million at the time of reporting.
With a weighted average purchase price of $118,171, the holdings face an unrealized loss of roughly $275 million. Bitcoin traded around $66,693 on Tuesday, far below its all-time high.
COO Amanda Fabiano said the focus is now on strengthening operating businesses and scaling revenue. “By combining operating income with disciplined capital allocation, we aim to reinvest into growth initiatives and Bitcoin accumulation,” she stated.
The firm, which raised more than $700 million for a Bitcoin-focused treasury, warned shareholders of volatility. In a September shareholder letter, Bailey wrote, “For those shareholders who have come looking for a trade, I encourage you to exit.”
Shares traded around $0.217 on Tuesday, up 3.3% but down nearly 80% over six months. They had earlier touched a new all-time low of $0.211.
