31.03.2026 10:24

The blockchain-focused firm founded by David Bailey has revealed that it sold approximately 284 BTC for roughly $20 million in March, representing just 5% of its total cryptocurrency holdings. This transaction stands out as a rare reduction in assets amid a broader effort to consolidate Bitcoin within a formal reserve structure. The funding will be directed toward financing working capital and operating costs following recent purchases of BTC Inc. and UTXO, two critical entities driving the company’s shift toward a Bitcoin-centric platform. After merging with KindlyMD in May, the firm raised $710 million in equity to support its treasury initiatives. According to the latest earnings report, the average price obtained per Bitcoin was approximately $70,422.

The transaction highlights escalating liquidity challenges: a $210 million USDT loan from Kraken—equivalent to 8% of the firm’s debt—is pledged as collateral for much of its Bitcoin holdings, restricting financial flexibility and signaling possible future asset liquidations to settle interest obligations. Financial statements indicate that Nakamoto remains unprofitable, reporting a year-end quarterly loss of $52.2 million, significantly higher than the previous year’s $3.6 million and primarily due to a $166.1 million devaluation of its digital assets resulting from Bitcoin’s market downturn in late 2025. The company’s shares have plummeted 99% since May’s peak, reflecting both broader market pressures and investor uncertainty regarding its heavy focus on Bitcoin.

Source: Coindesk, “David Bailey’s Nakamoto sells roughly 5 % of its Bitcoin holdings,” March 31, 2026.