Nakamoto, the Bitcoin treasury firm formerly known as KindlyMD, sold $20 million worth of Bitcoin in March and reduced a significant portion of its Metaplanet holdings at a loss during the first quarter.
The company, chaired by David Bailey, offloaded around 284 BTC for $20 million—an average price of roughly $70,400 per coin. This marks a notable discount from its year-end 2025 valuation of $87,519 per Bitcoin, when it held 1,625 BTC worth $142.2 million.
In a filing, Nakamoto said the proceeds will be used to invest in its core businesses and replenish working capital tied to recent mergers.
Following the sale, the company’s Bitcoin holdings declined to approximately 5,058 BTC, down from 5,342 BTC at the end of 2025.
Metaplanet Exit Adds to Losses
Alongside its Bitcoin sale, Nakamoto also scaled back its position in Metaplanet at a loss. The firm had originally purchased 8 million shares at $3.75 each, totaling about $30 million.
During the first quarter, it sold 5 million shares for approximately $11.1 million—equating to about $2.22 per share, well below its acquisition price.
Nakamoto Books Losses, Shifts Focus Away From Healthcare
Nakamoto had already marked down its Metaplanet investment by the end of 2025, reporting an unrealized loss of $9.29 million, including foreign exchange impacts, with the position’s carrying value dropping to $20.7 million.
The company also recorded a $166.2 million loss in 2025 tied to changes in the fair value of its crypto holdings, as Bitcoin traded below its average purchase price. Overall, Nakamoto posted a net loss of $52.2 million for the year.
Pivot Toward Crypto-Focused Operations
Chairman David Bailey said the firm plans to wind down its legacy healthcare business and instead focus on integrating recent acquisitions, including BTC Inc. and UTXO Management.
Meanwhile, Nakamoto’s stock has seen a steep decline. Shares are down 40% year-to-date and 80% over the past six months, according to Yahoo Finance data, recently trading around $0.21—far below their mid-2025 peak above $30.
The company also faced regulatory pressure in December 2025, when—still operating as KindlyMD—it received a Nasdaq notice after its share price remained below the $1 minimum bid requirement for 30 consecutive business days. This triggered a six-month window to regain compliance or risk delisting.
