Bitcoin treasury firm Nakamoto Holdings (NAKA) sold around $20 million worth of bitcoin in an effort to improve its balance sheet, but shares fell to a fresh all-time low early Tuesday following the late Monday announcement.

The firm reported a fourth quarter loss of $142.6 million in fair value of its digital assets amid bitcoin’s downward slide, while also registering a $10.8 million investment loss tied to its stake in Metaplanet.

Heavy losses on holdings

Despite the sales, Nakamoto ended the year with 5,342 bitcoin in its treasury, worth around $359 million at the time of writing.

With a reported weighted average purchase price of $118,171, the firm is estimated to be down around $275 million on its holdings as bitcoin traded near $66,693 on Tuesday—roughly 47% off its all-time high.

At year-end, the firm was already down around $166 million on its bitcoin holdings, as the asset had fallen sharply from its October peak of $126,080.

CEO urges short-term holders to exit

CEO David Bailey acknowledged the turbulent first year in a statement, noting the firm had completed its merger with KindlyMD in August 2025 and acquired both BTC Inc and UTXO Management in February.

Bailey had previously addressed shareholders directly in a September letter:

“For those shareholders who have come looking for a trade, I encourage you to exit.”

COO Amanda Fabiano added that the firm’s focus is now on strengthening its operating businesses and combining operating income with disciplined capital allocation to reinvest in growth and bitcoin accumulation.

Stock near record lows

Shares of NAKA were trading around $0.217 on Tuesday, up roughly 3.3% on the day but down nearly 80% over the past six months.

Earlier in the session, shares touched $0.211, the firm’s lowest price on record.

Nakamoto originally raised more than $700 million to build a bitcoin-focused digital asset treasury, and management has emphasized a long-term commitment to the asset despite the volatile start.