Metaplanet

Bitcoin

when

PIPE

Nakamoto, the Bitcoin treasury company formerly known as KindlyMD, sold $20 million worth of Bitcoin in March and cut a large portion of its Metaplanet stake at a loss during the first quarter of the year.
The company, chaired by David Bailey, sold roughly 284 Bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) for $20 million, implying an average price of about $70,400 per coin. At the end of 2025, Nakamoto valued its Bitcoin at $87,519 per coin, when it held 1,625 BTC worth $142.2 million, suggesting that the sale came at a 20% discount to its year-end valuation.
“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 <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001946573/000149315226013601/form10-k.htm#fact-identifier-673" rel="noopener noreferrer nofollow">said</a> in a filing.
The company’s Bitcoin holdings stand at roughly 5,058 BTC following the sale of 284 BTC in March, down from 5,342 BTC at the end of 2025.
Related: <a href="https://cointelegraph.com/news/nakamoto-stock-collapses-95-after-563m-pipe-deals" rel="noopener noreferrer nofollow">Nakamoto&nbsp;Holdings’ shares sink as $563M PIPE deals trigger massive sell-off</a>
<h2 id="nakamoto-exits-metaplanet-stake-at-loss">Nakamoto exits Metaplanet stake at loss</h2>
Alongside its crypto sale, Nakamoto also exited a significant portion of its Metaplanet position at a loss. The firm had acquired eight million shares at $3.75 each, for a total cost of about $30 million. In the first quarter, it sold five million shares for roughly $11.1 million, implying a price of $2.22 per share.
<figure><img alt="Cryptocurrencies, Japan, Cryptocurrency Investment, Bitcoin Reserve" src="https://s3.cointelegraph.com/uploads/2026-03/019d4303-1aa7-7d80-b74e-e7b2ae09d638.PNG">
 <figcaption>Nakamoto shares are down by 80% in the past six months. Source: <a href="https://finance.yahoo.com/quote/NAKA/" rel="noopener noreferrer nofollow">Yahoo! Finance</a>
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The Metaplanet investment had already been marked down by the end of 2025. Nakamoto reported an unrealized loss of $9.29 million on the position, including foreign exchange impacts, with the carrying value falling to $20.7 million.
Nakamoto <a href="https://nakamoto.com/updates/nakamoto-reports-fourth-quarter-and-full-year-2025-results" rel="noopener noreferrer nofollow">reported</a> a $166.2 million loss in 2025 tied to changes in the fair value of its crypto holdings, as Bitcoin declined below its average purchase price. The company posted a net loss of $52.2 million for the year.
Related: <a href="https://cointelegraph.com/news/metaplanet-raises-255m-strike-warrant" rel="noopener noreferrer nofollow">Metaplanet raises $255M and adds warrant structure for Bitcoin buys</a>
<h2 id="nakamoto-exits-healthcare">Nakamoto exits healthcare</h2>
In a <a href="https://www.businesswire.com/news/home/20260330533089/en/Nakamoto-Reports-Fourth-Quarter-and-Full-Year-2025-Results-Provides-Update-on-Bitcoin-Strategy" rel="noopener noreferrer nofollow">statement</a>, Bailey said Nakamoto plans to wind down legacy healthcare operations while focusing on integrating recent acquisitions, including <a href="https://cointelegraph.com/news/nakamoto-inc-btc-inc-utxo-acquisitions" rel="noopener noreferrer nofollow">BTC Inc and UTXO Management</a>.
Shares of Nakamoto have fallen sharply in recent months. The company’s shares are down 40% year-to-date and 80% over the past six months, <a href="https://finance.yahoo.com/quote/NAKA/" rel="noopener noreferrer nofollow">according</a> to data from Yahoo! Finance. Nakamoto’s shares traded at around $0.21 at the time of writing, well below their mid-2025 peak above $30.
In December 2025, when the company was still trading as KindlyMD, it <a href="https://cointelegraph.com/news/bitcoin-treasury-kindly-md-nasdaq-price-notice" rel="noopener noreferrer nofollow">received a Nasdaq notice</a> after its shares fell below the $1 minimum bid price for 30 consecutive business days, triggering a six-month window to regain compliance or face delisting.
Magazine: <a href="https://magazine.cointelegraph.com/bitcoin-7-years-upgrade-post-quantum-bip-360-co-author/" rel="noopener noreferrer nofollow">Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author</a>

Nakamoto sells $20 million in Bitcoin and cuts Metaplanet stake

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