The publicly traded Bitcoin treasury firm, which trades on Nasdaq under the ticker NAKA, disclosed details in its annual Form 10-K filing for the fiscal year ended Dec. 31, 2025. The company reported a weighted-average acquisition cost of approximately $118,171 per bitcoin, providing context for how its holdings have been positioned relative to prevailing market prices.

Nakamoto said capital was directed toward establishing a U.S. dollar operating reserve. The firm cited several specific uses: integration expenses tied to recent acquisitions, general operating costs, interest payments on a Kraken loan, and working capital.

X post from Nakamoto boss David Bailey last year.

The company was formerly known as KindlyMD, a healthcare firm that pivoted to a bitcoin treasury strategy through a reverse merger in August 2025. Over that year, Nakamoto accumulated 5,342 BTC at a total cost of approximately $631.39 million.

That position was worth roughly $467.5 million at year-end 2025, when bitcoin traded near $87,519. The difference between cost basis and market value resulted in a $166.2 million unrealized fair-value loss for the fiscal year.

In February 2026, Nakamoto completed all-stock acquisitions of BTC Inc., the operator of Bitcoin Magazine and The Bitcoin Conference, and UTXO Management, a bitcoin-focused investment firm. Both deals added revenue-generating operations while introducing integration costs that affected the firm’s cash position.

After these developments, the company holds approximately 5,058 bitcoin in treasury. Nakamoto said its approach remains focused on growing holdings in what it described as a “disciplined and capital-efficient manner.”

“Our first year was dedicated to assembling that engine. 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,” David Bailey, the Chief Executive Officer of Nakamoto, remarked.

NAKA shares have fallen roughly 40% year-to-date as of late March 2026 and are down approximately 99% from their 2025 peaks. Dilution from the all-stock acquisitions, bitcoin price pressure, and a broader sell-off among treasury-model companies have weighed on the stock. On March 31, shares fell roughly 7% intraday to approximately $0.21 before recovering modestly in after-hours trading.

The company is also winding down its legacy healthcare operations to focus on bitcoin-native businesses going forward.

The broader context is relevant. Corporate bitcoin buying has slowed considerably from its 2025 pace, with Strategy accounting for the majority of institutional accumulation. This reflects a pattern among smaller treasury firms as they balance aggressive accumulation strategies with operational demands.

Nakamoto built its position quickly, then encountered the costs that come with that pace. The bitcoin remains on the balance sheet, leaving the outcome tied to how effectively the company executes on the businesses built around it.

• What did Nakamoto Inc. sell and why? Nakamoto sold 284 bitcoin for approximately $20 million to fund operating expenses, integration costs, and loan interest tied to its recent acquisitions.
• How much did Nakamoto lose on the bitcoin sale? The company realized an estimated 40% loss — roughly $13 to $14 million — based on a weighted-average acquisition cost of approximately $118,171 per BTC.
• Does this mean Nakamoto is abandoning its bitcoin strategy? No; the company stated the sale was a short-term liquidity measure and that it remains committed to growing its bitcoin treasury over the long term.
• How much bitcoin does Nakamoto hold after the sale? Nakamoto retains approximately 5,058 BTC in treasury following the March 2026 transaction.

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