Nakamoto reports $166.2M bitcoin loss in 2025, sells 284 bitcoin in March

Bitcoin treasury company Nakamoto (NASDAQ: NAKA) posted a loss of $166.2 on its bitcoin holdings in 2025, according to the company’s 2025 earnings release. Driving the loss, Bitcoin’s value fell from a weighted average purchase price of $118,171 to $87,519 at year-end.

Nakamoto held 5,342 Bitcoin on its balance sheet as of December 31, 2025, but it sold 284 bitcoin for $20 million in March – as well as $11.1 million in Metaplanet shares in Q1 2026 – “to establish a dedicated U.S. dollar operating reserve” and cover the interest on an outstanding Kraken loan. By the end of 2025, Nakamoto had pledged 3,717 bitcoin as collateral for an 8% loan from Kraken which matures on December 4, 2026. Nakamoto added 688 bitcoin on February 5 of this year to this loan to cover collateral requirements following bitcoin’s sell off below $70,000.

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The company reported $1.82 million in revenue for 2025, down from $2.72 million in 2025. This revenue came solely from Nakamoto’s healthcare business, which it subsumed when it merged with KindlyMD in August 2025. The company is winding down its legacy healthcare operations, a process expected to take two quarters and reduce ongoing operating losses.

In a bid to add a bitcoin-based revenue line, Nakamoto acquired BTC Inc and UTXO Management – companies founded by Nakamoto CEO David Bailey – in February of this year for 364,795,104 shares of NAKA worth $81.6 million at the time of the acquisition.

“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,” Bailey said in the company’s earnings press release.

For the fourth quarter, Nakamoto recorded a $142.6 million loss on the fair value of its bitcoin holdings. The quarter also included a $10.8 million loss on investments tied to its Metaplanet position and $1.8 million in transaction-related expenses connected to the merger and February 2026 acquisitions. The company also recorded a $204.5 million gain for the quarter related to the increase in fair value of its call option to acquire BTC Inc and UTXO.

For the full year, transaction-related expenses totaled $5.0 million, and the Metaplanet investment loss reached $9.9 million, while the full-year call option for the BTC Inc and UTXO purchase came in at $226.4 million. Nakamoto also completed a share repurchase program for 2,332,206 shares of common stock.

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As of December 31, 2025, Nakamoto’s enterprise value stood at $341 million, calculated from a market capitalization of $154 million, notes payable of $210 million, and cash of $23 million.

“The foundation we developed in 2025 positions us to shift from buildout to execution. By combining operating income with disciplined capital allocation, we aim to reinvest into growth initiatives and Bitcoin accumulation while strengthening Nakamoto over time,” Chief Operating Officer Amanda Fabiano said.

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