Nakamoto Sells $20M Bitcoin, Exits Metaplanet at Loss in Q1

Nakamoto, the Bitcoin treasury company formerly known as KindlyMD, sold $20 million worth of Bitcoin in March and cut a large portion of its Metaplanet stake at a loss during the first quarter of the year.

The company, chaired by David Bailey, sold roughly 284 Bitcoin (BTC) for $20 million, implying an average price of about $70,400 per coin. At the end of 2025, Nakamoto valued its Bitcoin at $87,519 per coin, when it held 1,625 BTC worth $142.2 million, suggesting that the sale came at a 20% discount to its year-end valuation.

“We plan to use the proceeds to invest further in our businesses as well as replenish our working capital for costs associated with the recent Mergers,” the company said in a filing.

The company’s Bitcoin holdings stand at roughly 5,058 BTC following the sale of 284 BTC in March, down from 5,342 BTC at the end of 2025.

Related: Nakamoto Holdings’ shares sink as $563M PIPE deals trigger massive sell-off

Nakamoto exits Metaplanet stake at loss

Alongside its crypto sale, Nakamoto also exited a significant portion of its Metaplanet position at a loss. The firm had acquired eight million shares at $3.75 each, for a total cost of about $30 million. In the first quarter, it sold five million shares for roughly $11.1 million, implying a price of $2.22 per share.

Nakamoto shares are down by 80% in the past six months. Source: Yahoo! Finance

The Metaplanet investment had already been marked down by the end of 2025. Nakamoto reported an unrealized loss of $9.29 million on the position, including foreign exchange impacts, with the carrying value falling to $20.7 million.

Nakamoto reported a $166.2 million loss in 2025 tied to changes in the fair value of its crypto holdings, as Bitcoin declined below its average purchase price. The company posted a net loss of $52.2 million for the year.

Related: Metaplanet raises $255M and adds warrant structure for Bitcoin buys

Nakamoto exits healthcare

In a statement, Bailey said Nakamoto plans to wind down legacy healthcare operations while focusing on integrating recent acquisitions, including BTC Inc and UTXO Management.

Shares of Nakamoto have fallen sharply in recent months. The company’s shares are down 40% year-to-date and 80% over the past six months, according to data from Yahoo! Finance. Nakamoto’s shares traded at around $0.21 at the time of writing, well below their mid-2025 peak above $30.

In December 2025, when the company was still trading as KindlyMD, it received a Nasdaq notice after its shares fell below the $1 minimum bid price for 30 consecutive business days, triggering a six-month window to regain compliance or face delisting.

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