David Bailey’s Nakamoto Sells Some Bitcoin to Fund Operations

Nakamoto Holdings Inc., which buys and holds Bitcoin, sold $20 million worth of its holdings this month despite the token being down nearly 50% from its peak.

The so-called digital asset treasury firm founded by crypto entrepreneur David Bailey disclosed in its latest annual financial filing that it had sold about 284 Bitcoin for $20 million, which would be an average price of about $70,000. That’s below the firm’s weighted-average purchase price of $118,171 per Bitcoin, according to the filing.