Bitcoin Treasury Firm Nakamoto Sells $20M in Bitcoin At 40% Realized Loss
Nakamoto Holdings, the Bitcoin-native conglomerate founded by BTC Inc. CEO David Bailey, sold approximately $20 million worth of Bitcoin at a realized loss of roughly 40%, a liquidation event that implies an average acquisition cost somewhere in the range of $33,000 per BTC against a sale price consistent with market levels at the time of execution.
The transaction was not framed as a routine portfolio rebalancing; a 40% realized loss on a position of this size, for a firm whose entire strategic identity is built around BTC accumulation, signals a forced or at minimum urgency-driven disposition.
For a company that raised over $750 million in mid-2025 explicitly to seed and hold Bitcoin treasury positions globally, selling at a deep loss raises direct questions about liquidity management and the durability of its funding model.
Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA) disclosed in its 10-K filed on March 30, 2026, that it sold approximately 284 BTC in March for about $20 million, with an average selling price of around $70,422 per BTC. In 2025, the company net purchased 5,342 BTC with a… pic.twitter.com/DRq8cpT0L6
— Wu Blockchain (@WuBlockchain) March 30, 2026
Nakamoto merged with healthcare provider KindlyMD in May 2025, securing a record $510 million PIPE alongside additional debt financing, with Anchorage Digital handling custody. The architecture was designed to cycle BTC gains back into accumulation while maintaining a 40% public equity exposure cap – a structure that, in theory, insulates the BTC stack from forced liquidation. A $20 million sale at a 40% loss suggests the architecture is under pressure it was not designed to absorb.
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Implied Acquisition Cost vs. Realized Exit Price For Nakamoto Bitcoin Holdings
Working from the reported figures, a 40% realized loss on a $20 million sale implies the position was carried at a cost basis of approximately $33.3 million.
