Nakamoto, the Bitcoin treasury firm previously known as KindlyMD, has announced significant portfolio adjustments as it pivots its business strategy. The company is winding down its healthcare operations to concentrate on integrating BTC Inc and UTXO Management.

Major Bitcoin Sale in March

Analyzing the BTC Transaction

In March, Nakamoto liquidated $20 million worth of its Bitcoin holdings. This sale involved approximately 284 BTC, calculated at an average price near $70,400 per coin.

This transaction represents a notable reduction from the company's year-end 2025 holdings. At that time, Nakamoto valued its 1,625 BTC at an average of $87,519 per coin. The March sale price suggests a discount of about 20% compared to that year-end valuation.

Impact on Treasury Holdings

Following the March divestment, Nakamoto’s total Bitcoin reserves now stand at approximately 5,058 BTC. This is down from the 5,342 BTC reported at the close of 2025.

The company stated that the proceeds from the sale will be allocated to further business investments. Additionally, the funds will help replenish working capital needed for costs associated with recent mergers.

Exiting the Metaplanet Investment

Loss Realized on Share Sale

Concurrently with the crypto sale, Nakamoto exited a substantial portion of its investment in Metaplanet, realizing a loss on the position. The firm had initially purchased eight million Metaplanet shares at $3.75 each, totaling an initial investment cost of about $30 million.

During the first quarter, Nakamoto sold five million of these shares for approximately $11.1 million. This implies a realized sale price of $2.22 per share.

Prior Valuation Adjustments

The Metaplanet investment had already seen write-downs before this Q1 exit. Nakamoto had previously reported an unrealized loss of $9.29 million on the position, factoring in foreign exchange impacts, which lowered the carrying value to $20.7 million.

Financial Performance and Stock Performance

2025 Financial Overview

Nakamoto experienced significant financial headwinds in 2025, largely driven by cryptocurrency market fluctuations. The company recorded a $166.2 million loss tied to changes in the fair value of its crypto holdings as Bitcoin prices fell below its average purchase price.

Overall, the firm posted a net loss amounting to $52.2 million for the full year 2025.

Sharp Decline in Share Value

The company’s stock performance has been poor in recent months, according to data from Yahoo! Finance. Nakamoto’s shares have dropped 40% year-to-date and have fallen 80% over the last six months.

At the time of reporting, shares were trading around $0.21. This is significantly below their peak above $30 reached in mid-2025. The stock faces delisting risks after trading below the $1 minimum bid price for 30 consecutive business days, initiating a six-month compliance window.