David Bailey’s Bitcoin Blunder: Nakamoto Sells 284 BTC at a Loss. Who’s Laughing Now?

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In a daring move that could only be described as “bold” (if you squint), Nakamoto Inc. unloaded 284 bitcoins in March 2026, pulling in a modest $20 million to keep the lights on, cover the bills, and patch up the cracks from their latest acquisitions.

Nakamoto Inc. 10-K Report Highlights a 40% Loss on March 2026 Bitcoin Sale

The Nasdaq-listed Bitcoin treasury firm, known by its ticker NAKA, laid bare the ugly truth in its Form 10-K filing for the fiscal year ending December 31, 2025. The company’s acquisition cost for its bitcoin? A hefty $118,171 per coin, making the recent sale look like a slightly embarrassing yard sale bargain.

Nakamoto directed the funds to build a U.S. dollar reserve, just in case the whole “bitcoin thing” doesn’t pan out. The funds were meant for integration costs tied to its latest acquisitions, servicing a loan from Kraken, and simply staying afloat.

David Bailey’s social media post last year. He’s probably thinking about how to avoid any more such sales.

Once upon a time, Nakamoto was known as KindlyMD, a healthcare company that had a brilliant idea to pivot to the exciting world of bitcoin via a reverse merger in August 2025. Over the course of the year, Nakamoto hoarded 5,342 BTC at a cost of about $631.39 million. That treasure chest of coins was worth a depressing $467.5 million by the end of 2025-thank you, bitcoin market fluctuations!

In February 2026, Nakamoto took a bold step forward, completing all-stock acquisitions of BTC Inc. (home to Bitcoin Magazine and the Bitcoin Conference) and UTXO Management, a bitcoin-focused investment firm. It’s a move that added revenue-generating operations while making the company’s cash flow… let’s just say, more interesting.

After these acquisitions, Nakamoto’s bitcoin stash now rests at a slightly slimmer 5,058 BTC. The company is still “focused” on growing its holdings, though it’s a bit like trying to feed a giraffe with a diet plan.

David Bailey, Nakamoto’s CEO, confidently stated, “Our first year was all about assembling that engine. Now, with a robust bitcoin treasury, we’re set for growth, despite the occasional hiccup like, you know, selling bitcoin at a loss.”

NAKA shares have taken quite the dive, down 40% in 2026 so far, and almost 99% from their 2025 peak. A cocktail of dilution from acquisitions, bitcoin’s price decline, and a sell-off in treasury-model companies has made the stock one of the less thrilling rides on Nasdaq. On March 31, the stock took a sharp 7% tumble, then bounced back modestly in after-hours trading-because why not keep things dramatic?

The company is also winding down its legacy healthcare operations. So, it seems bitcoin’s their future now. Healthcare? Not so much.

The larger picture is equally intriguing. Corporate bitcoin buying has slowed to a crawl in 2026, with smaller treasury firms like Nakamoto trying to juggle aggressive buying strategies and the costs of their rapidly expanding operations.

Nakamoto built a bitcoin empire at lightning speed, but now the company faces the inevitable hangover: a mountain of coins still sitting on the balance sheet, their fate entirely dependent on how the firm handles the growing pains of its business expansion.

FAQ 🔎

  • What did Nakamoto Inc. sell and why? Nakamoto sold 284 bitcoin for about $20 million, in order to cover operating costs, integration expenses, and loan interest.
  • How much did Nakamoto lose on the bitcoin sale? The company took a 40% hit-losing around $13 to $14 million on that sale.
  • Is Nakamoto abandoning its bitcoin strategy? Not at all. The company insists this was just a short-term liquidity measure, and it remains firmly committed to growing its bitcoin holdings in the long term.
  • How much bitcoin does Nakamoto hold now? After the sale, Nakamoto holds approximately 5,058 BTC.

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2026-03-31 13:27