Nakamoto, the Bitcoin treasury firm that rebranded from KindlyMD, has pared back its crypto exposure in March, selling $20 million worth of Bitcoin while also cutting a sizeable portion of its Metaplanet investment at a loss during the first quarter.
Summary
- Nakamoto sold 284 BTC for about $20 million in March, executing the sale at roughly 20% below its year end 2025 valuation.
- The company also reduced its Metaplanet stake, selling five million shares at a lower price and locking in losses on a previously marked down investment.
Data from its latest filing shows the company disposed of 284 BTC for about $20 million, placing the average sale price near $70,400. The figure stands well below the $87,519 per coin valuation assigned to its holdings at the end of 2025, putting the transaction roughly 20% lower than prior marks.
“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 noted.
Nakamoto has also reduced exposure to equities. The company has exited a large part of its Metaplanet position, having initially built an eight million share stake at $3.75 per share, or close to $30 million. During the first quarter, five million of those shares were sold for about $11.1 million, implying an average exit price of $2.22 and confirming a realized loss.
Earlier adjustments had already reflected weakness in that investment. By the end of 2025, the company had recorded an unrealized loss of $9.29 million, including currency effects, which lowered the carrying value to $20.7 million.
Financial disclosures for the year point to continued pressure from market movements. Nakamoto reported a $166.2 million loss linked to fair value changes in its digital asset portfolio, as Bitcoin traded below its cost basis. Net loss for 2025 totaled $52.2 million.
The company is also in the process of winding down its healthcare business, and plans to focus on some of its recently acquired Bitcoin-native operations, such as BTC Inc. and UTXO Management.
As previously reported by crypto.news, last month, Nakamoto entered into definitive agreements to acquire BTC Inc. and UTXO Management GP, LLC in an all-stock deal valued at around $107.3 million, bringing media, events, and capital management functions under one structure.
It is yet to be seen if these recent portfolio reductions and restructuring can stabilize investor sentiment, as market performance remains under pressure, with shares down 40% year-to-date and 80% over the past six months, according to Yahoo Finance data. The stock was trading near $0.21 at the time of writing, far below levels seen during its mid-2025 peak above $30.
A Nasdaq notice has also put the company on a compliance clock after its share price stayed below the $1 minimum bid threshold for 30 consecutive business days, leaving a six-month window to regain compliance or face possible delisting.
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