David Bailey, CEO of Nakamoto Holdings, spoke out after BTC Treasuries reported that the company had “sold” 367 BTC, reducing its holdings to 5,398 BTC. Bailey asserted that Nakamoto did not sell BTC but rather “invested” in international reserve companies such as TreasuryBTC and Metaplanet, viewing this as a strategy to commercialize the balance sheet. However, the Bitcoin community still considers this a sale, especially as BTC is weakening and NAKA stock has dropped sharply.
Bailey explained that Nakamoto swapped BTC for shares valued based on “Bitcoin per share” and will reclaim the BTC when these investments grow. Nevertheless, criticism has increased as the company previously lost more than $23 million and plans to pay a valuation 10 times EBITDA for BTC Inc., Bailey’s own business. The stock deal, worth about $273 million, is currently higher than NAKA’s market capitalization, making Bailey appear to be the biggest beneficiary.
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