Key Highlights
Nakamoto sold about 284 BTC for $20 million in March 2026, with the proceeds set aside for working capital and costs tied to its recent mergers.
The company held 5,342 BTC at the end of 2025, with a cost basis of $631.4 million and a fair value of $467.5 million.
Nakamoto remains under Nasdaq's minimum bid price pressure and has until June 8, 2026, to regain compliance after receiving a notice in December.
Nakamoto Inc. has sold about 284 Bitcoin for $20 million in March, drawing on its treasury to shore up liquidity. In its annual report, the company said it plans to use the proceeds to invest in its businesses and replenish working capital tied to its recent mergers.
Based on the disclosed sale amount, the average exit price was roughly $70,423 per Bitcoin. That is about 40% below the company’s 2025 weighted-average purchase price of $118,171 per coin, according to the same filing.
The filing shows how much pressure the treasury strategy is under. As of December 31, 2025, Nakamoto held 5,342 BTC with a cost basis of $631.4 million and a fair value of $467.5 million. It also recorded a $166.1 million loss on changes in the fair value of digital assets during 2025 as Bitcoin fell from $114,078 on September 30 to $87,519 at year-end.
The company has also been using stock to build out its broader Bitcoin business. In February, Nakamoto completed its acquisitions of BTC Inc. and UTXO Management, deals it said would expand its media, asset-management, and advisory footprint around Bitcoin.
The annual report says 3,717 BTC were pledged as collateral against an outstanding loan at year-end, and management disclosed material weaknesses in internal control over financial reporting.
The market is already treating the company like a distressed Bitcoin proxy. Nasdaq notified the company on December 10, 2025, that it had fallen out of compliance with the exchange’s $1 minimum bid rule. The company has until June 8, 2026, to regain compliance.
