HODL? More Like 'HODN't': Nakamoto Unloads 284 BTC at a 40% Discount

Nakamoto Inc. (NAKA) sold roughly 284 bitcoin (BTC) for $20 million in March, offloading about 5% of its holdings at an average price of $70,422 per coin—roughly 40% below its average cost basis of $118,171. That's right, while retail was busy spamming "BUY THE DIP," Nakamoto Inc. was busy being the dip. The company basically pulled a "sell high... wait, that's not how this works" maneuver, unloading significant holdings at what would make most degens weep into their energy drinks.

The bitcoin treasury firm, chaired by entrepreneur David Bailey, said it will use proceeds to invest in core businesses and replenish working capital following recent mergers. The company completed acquisitions of BTC Inc., which runs crypto media and events, and UTXO Management, an investment firm focused on bitcoin companies. Apparently, the strategy here is to diversify from "we hold a lot of BTC" into "we hold a lot of BTC and also own the companies that write about how much we hold." Vertical integration, if you will—or perhaps just horizontal panic.

The sale came as bitcoin fell to $87,519 by year-end 2025, well below the firm's average purchase price. For the year, Nakamoto reported a $166.2 million loss from changes in fair value of its digital assets. At this point, calling it "fair value" feels like a philosophical question. The bitcoin wasn't broken—the price was just taking a sabbatical from reality. Meanwhile, $166.2 million walked out the door faster than liquidity in a Telegram group when the admin posts a link.

"The next phase of Nakamoto will be defined by execution," Bailey said, adding the company remains committed to bitcoin as a long-term strategic asset. Ah yes, "execution"—the corporate equivalent of "trust me bro" but with a PowerPoint. Meanwhile, "long-term strategic asset" is a fancy way of saying "we're still holding, but we definitely regret not selling when BTC hit six figures."

The company also exited a significant portion of its Metaplanet stake at a loss, selling five million shares for roughly $11.1 million after acquiring eight million shares at $3.75 each. Picture this: you buy the dip on the dip, accumulate