Nakamoto Holdings, a bitcoin firm founded by David Bailey, said it sold about 284 BTC for $20 million in March, marking a rare reduction in its holdings as it pivots toward a bitcoin treasury strategy.
The proceeds will be used to support working capital and fund operations following its acquisitions of BTC Inc. and UTXO, two businesses central to its transition into a bitcoin-focused platform, the company said in its full-year earnings filing.
The company went public in May by merging with KindlyMD, a health-care provider, and raised $710 million to pursue the treasury strategy.
The March sale represents some 5% of the company’s bitcoin holdings and took place despite its stated intention to continue accumulating the asset. Based on the disclosure, the average sale price was around $70,422 per bitcoin.
Source: X.com
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