Nakamoto Sold $20M Bitcoin at $70,422 Below Its Average Cost

• Nakamoto sells 284 BTC for $20M at $70,422, far below the $118K average cost.
• BTC Sale funds expansion amid post-merger liquidity crunch and 99% stock drop.
• BTC sale draws backlash on X; firm retains 1,341 unencumbered BTC. 

Nakamoto (NASDAQ: NAKA) sold 284 BTC for $20M at $70,422 per coin during Q4 2025, far below its $118,171 average purchase price. The sale is aimed at stabilizing liquidity after mergers and a 99% collapse in NAKA stock, while funding expansion initiatives. 

Despite negative community sentiment over realized losses, Nakamoto still retains 1,341 BTC and pivots toward Bitcoin-native media, advisory, and asset management services to rebuild operating leverage and strengthen cash reserves.

Nakamoto Sells $20M Bitcoin Below Its $118,171 Average Cost

Nakamoto disclosed in its March 2026 SEC filings and 2025 earnings release that it sold approximately 284 unencumbered BTC for $20 million. At year-end 2025, the company held 5,342 BTC, including 1,625 unencumbered coins and 3,717 pledged as loan collateral.

The sale was executed at an average price of roughly $70,422 per BTC, well below the company’s weighted-average acquisition cost of $118,171 per BTC for the Bitcoin it accumulated throughout 2025.

Following the August 2025 KindlyMD merger and the February 2026 BTC Inc. and UTXO Management acquisitions, Nakamoto sold 5% of its year-end 2025 holdings to manage liquidity. The vertically integrated Bitcoin business retains BTC as its primary reserve, backed by $540M PIPE funding, debt refinancing, and cash reserves, without changing its long-term strategy.

Post-merger Liquidity Crisis and 99% NAKA Stock Crash Fuel the Sale

Post-merger liquidity pressures led to a partial Bitcoin sale. Nakamoto completed all-stock acquisitions of BTC Inc. and UTXO Management in February 2026, issuing over 364 million new shares and triggering heavy dilution. The deals added Bitcoin media, events, and asset management operations but demanded cash for integration, working capital, and debt service on its Kraken loan.

Furthermore, the company’s NAKA stock had dropped by roughly 99% from its all-time high of $34.77 in May 2025 to around $0.23–$0.226 by late March 2026, erasing more than $23 billion in market capitalization and leaving the company with a market cap near $180 million.

This sale highlights the real-world challenges of corporate Bitcoin treasury management during market swings and aggressive M&A. Nakamoto still views Bitcoin as its core reserve asset and has no further large sales planned.

What’s Next for Nakamoto’s Bitcoin Strategy and Market Impact

Notably, NAKA shares trade near $0.23 following a 99% decline, reflecting short-term market challenges. The stock faces heavy dilution from all-stock deals and must maintain a price above $1 for 10 consecutive days by June 8, 2026, to comply with Nasdaq listing requirements.

Nakamoto still retains 1,341 unencumbered BTC and is shifting focus to integrating BTC Inc. and UTXO Management, driving operating leverage, and scaling revenue across its Bitcoin-native verticals. CEO David Bailey and COO Amanda Fabiano emphasized reinvesting future operating cash flow into business growth, strategic opportunities, and disciplined Bitcoin treasury expansion.

The sale has sparked mostly negative sentiments on X, with users criticizing the $13.4 million realized loss on 284 BTC. Critics argue that the move reflects liquidity management under pressure rather than profit-taking, noting that a treasury strategy succeeds only if the company can hold through market dips.

Therefore, if the integration succeeds and cash flow materializes, the company could support a gradual rebuilding of its treasury and further ecosystem expansion. Failure to stabilize operations risks continued pressure on both the stock and its remaining Bitcoin position.

Related: Nasdaq-Listed Nakamoto Moves to Buy BTC Inc and UTXO