Nakamoto Holdings, the Bitcoin-native conglomerate founded by BTC Inc. CEO David Bailey, sold approximately $20 million worth of Bitcoin at a realized loss of roughly 40%, a liquidation event that implies an average acquisition cost somewhere in the range of $33,000 per BTC against a sale price consistent with market levels at the time of execution. The transaction was not framed as a routine portfolio rebalancing; a 40% realized loss on a position of this size, for a firm whose entire strategic identity ...