Nakamoto Holdings Dumps $20M of Bitcoin, Still Down $275M Overall—But Hey, They're HODLing 5,342 BTC

Picture this: you're down $275 million on your Bitcoin stack, but hey, at least you still technically own a small country's worth of BTC. That's the vibe from publicly traded Bitcoin treasury firm Nakamoto Holdings (NAKA), which sold around $20 million worth of Bitcoin in a noble attempt to "improve its balance sheet and financial flexibility"—because nothing says financial flexibility like selling the dip while your bags are underwater. The firm's stock promptly fell to a fresh low early Tuesday following the late Monday announcement, because of course it did.

In what might be the most "diamond hands" way to report terrible news, the firm disclosed a fourth quarter loss of $142.6 million in fair value of its digital assets, thanks to Bitcoin's enthusiastic downward spiral. But wait, there's more! The firm also registered a $10.8 million investment loss from its bet on another Bitcoin treasury firm, Metaplanet—because when you're already getting wrecked on Bitcoin, why not diversify into getting wrecked elsewhere too?

"Nakamoto Holdings entered 2025 with the mandate to launch a public, Bitcoin-native enterprise and executed that vision through the merger with KindlyMD in August 2025," said the firm's CEO David Bailey, in a statement that sounds suspiciously like it was written by someone who really, really believes in the long-term thesis. "We established a robust Bitcoin treasury, built a scalable capital strategy, and, with the acquisitions of BTC Inc and UTXO, transitioned into a fully integrated Bitcoin operating business with the scale and infrastructure to drive sustained growth." Nothing says "sustained growth" like a stock chart that looks like a ski slope.

The firm's acquisitions, both completed in February, added to Nakamoto's Bitcoin exposure, providing it a media and events firm in the Bitcoin ecosystem (BTC Inc) and public and private asset and capital management services via UTXO Management. Both companies had also been founded by Bailey, which means he's essentially playing 4D chess with himself—a true visionary or just really good at creating holding companies? The line blurs.

Despite its Bitcoin sales—because when you're down $275 million you gotta do something—the firm ended the year with 5,342 Bitcoin in its treasury, valued around $359 million at the time of writing. That's approximately 0.025% of all Bitcoin that will ever exist, for those keeping score at home. At the end of the year, the firm was down around $166 million on its Bitcoin holdings, as the top crypto asset had fallen sharply from its October high of $126,080—because who doesn't love buying the top and watching the ensuing waterfall?

With a reported weighted average purchase price of $118,171, it's estimated that the firm is now down around $275 million on its Bitcoin holdings as BTC changes hands around $66,693 on Tuesday, 47% off its all-time high mark. That's right, 47%. If this were a traditional market, someone would be in jail. In crypto, we call it "volatility" and wear it as a badge of honor.

"Our focus now is on strengthening our operating businesses, scaling revenue-generating initiatives, and building infrastructure for a unified Bitcoin company," Nakamoto COO Amanda Fabiano said, in a statement. "By combining operating income with disciplined capital allocation, we aim to reinvest into growth initiatives and Bitcoin accumulation while strengthening Nakamoto over time." In other news, the Titanic is "strengthening its infrastructure" by rearranging deck chairs.

The firm, which raised more than $700 million to build a digital asset treasury focused on Bitcoin, is still focused on a long-term commitment to crypto's largest asset but it has been subject to a volatile first year. "Volatile" being crypto-speak for "we lost nearly half a billion dollars in paper value but we're totally fine, man."

American Bitcoin Corp, the publicly traded Bitcoin mining firm co-founded by Eric Trump and Donald Trump Jr., eclipsed 7,000 BTC in holdings—or around $471 million worth—as shares in the firm (ABTC) sank nearly 4% to $0.82, its lowest point since its IPO. The firm said it has approximately tripled its Bitcoin holdings since its public debut and has more than doubled its "satoshis per share," a metric which tracks its Bitcoin holdings compared to shares outstanding. Nothing says "we're winning" like watching your share price trade somewhere between "moonshot" and "bankruptcy filing."

While warning shareholders of some of that