Nakamoto, the Bitcoin treasury company formerly known as KindlyMD, sold $20 million in Bitcoin in March and realized a significant loss on its Metaplanet equity stake during the first quarter, according to a Form 10-K filing dated March 30.
The company, chaired by David Bailey, disposed of roughly 284 BTC for $20 million, implying an average sale price of approximately $70,400 per coin. That figure sits roughly 20% below the $87,519 per-coin valuation Nakamoto assigned to its Bitcoin holdings at the end of 2025, when it held 5,342 BTC worth $142.2 million.
“We plan to use the proceeds to invest further in our businesses as well as replenish our working capital for costs associated with the recent Mergers,” the company said in the filing.
Metaplanet Stake Sold at a Loss
Alongside the Bitcoin sale, Nakamoto also exited a large portion of its position in Metaplanet, the Tokyo-listed Bitcoin treasury firm. Nakamoto had originally acquired eight million Metaplanet shares at $3.75 each, for a total cost of approximately $30 million.
During the first quarter, the company sold 5 million of those shares for roughly $11.1 million, implying an average exit price of $2.22 per share and a realized loss of more than 40% on the position. By the end of 2025, Nakamoto had already recorded an unrealized loss of $9.29 million on the Metaplanet investment, including foreign-currency effects, with the carrying value falling to $20.7 million.
A Year of Heavy Losses
The sales come amid significant financial pressure on the company. Nakamoto reported a $166.2 million loss in 2025 tied to changes in the fair value of its digital asset holdings, as Bitcoin traded below its average acquisition cost of approximately $118,171 per coin. The company posted a net loss of $52.2 million for the year.
Nakamoto’s stock has declined sharply, falling 80% over the past six months and trading near $0.21, well below its mid-2025 peak above $30. A Nasdaq compliance notice has placed the company on a six-month clock after its share price remained below the $1 minimum bid threshold for 30 consecutive business days.
Restructuring and Acquisitions
The portfolio adjustments coincide with a broader corporate restructuring. In February 2026, Nakamoto completed the acquisitions of BTC Inc. and UTXO Management GP, LLC in an all-stock deal valued at approximately $107.3 million, bringing media, events, and capital management operations under a single structure.
Management has also initiated an exit from legacy healthcare operations, which it expects to complete over the next two quarters. The move is intended to reduce operating losses and allow the company to focus on its Bitcoin-native businesses spanning media, asset management, and advisory services.
Despite the sales, the company characterized its remaining 5,058 BTC as a long-term strategic asset. “Management believes this approach reflects a disciplined capital strategy that separates long-term Bitcoin exposure from short-term operating liquidity,” the filing stated.
