Bitcoin Trader Alert: Nakamoto Dumps $20M BTC Position While Exiting Metaplanet at Heavy Loss

Nakamoto—David Bailey's Bitcoin treasury company formerly operating as KindlyMD—just made two significant portfolio moves that signal mounting financial pressure. The firm offloaded 284 Bitcoin (roughly $20 million) in March while simultaneously liquidating a major chunk of its Metaplanet holdings at a steep loss. This dual exit raises questions about the company's ability to weather current market conditions.

The Bitcoin Sale: Red Flag or Strategic Rebalance?

Here's what happened with the crypto sale: Nakamoto moved 284 BTC at an average price of $70,400 per coin—a brutal 20% haircut compared to their year-end 2025 valuation of $87,519 per coin. The company claimed the proceeds would "invest further in our businesses as well as replenish our working capital for costs associated with the recent Mergers," but timing matters. Selling Bitcoin at a discount when you're supposed to be a Bitcoin treasury company sends a message.

The math is straightforward. Nakamoto's Bitcoin holdings dropped from 5,342 BTC (end of 2025) to approximately 5,058 BTC post-sale. That's a meaningful reduction in their primary crypto asset at a moment when they needed liquidity—a classic forced seller's position.

Metaplanet: A $19M Paper Loss Realized

The Metaplanet exit looks even worse. Nakamoto originally acquired eight million shares at $3.75 each for $30 million total. In Q1, they dumped five million shares at just $2.22 per share, generating roughly $11.1 million in proceeds. That's a $14.9 million realized loss on a position that was already underwater on paper.

By year-end 2025, they'd already marked down the remaining position by $9.29 million, bringing its carrying value to $20.7 million. Combined with the realized Q1 losses, Nakamoto has taken nearly $24 million in total Metaplanet writedowns. Their Metaplanet shares are down 80% over the past six months—a brutal reminder that even Bitcoin-adjacent plays can crater hard.

The Bigger Picture: Structural Distress

Here's what concerns us about Nakamoto's overall position:

The company reported a $166.2 million loss in 2025 tied to changes in fair value of crypto holdings. That's enormous. Bitcoin fell below their average purchase price during the year, crushing valuations company-wide. Their net loss for 2025 hit $52.2 million.

Meanwhile, the stock itself has collapsed: down 40% year-to-date and 80% over six months. It's trading around $0.21, nowhere near the $30+ peak from mid-2025. In December, Nakamoto received a Nasdaq delisting notice after trading below the $1 minimum bid price for 30 consecutive business days. They've got six months to regain compliance.