Bitcoin Treasury Firm Nakamoto Cuts Down BTC Holdings Amid Market Pressure

Nakamoto Inc. (NAKA), a Bitcoin (BTC) treasury company, sold approximately 284 Bitcoin (BTC) in March for about $20 million, trimming its treasury.

The sale, disclosed in the firm’s 10-K filing, implies an average exit price of roughly $70,422 per coin. 

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Nakamoto said it intends to create a US dollar operating reserve. This fund will be used to finance strategic projects, integration activities, and day-to-day expenses.

The company launched its Bitcoin Operations strategy after closing the Nakamoto Merger on August 14, 2025. The firm held 5,342 BTC at year-end 2025, valued at roughly $467.5 million.

However, the strategy has taken a significant hit. For the year ended December 31, 2025, Nakamoto reported a $166.2 million loss from changes in the fair value of its digital assets. 

The decline reflected a drop from a weighted average purchase price of $118,171 per BTC to $87,519 at year-end. The firm also booked a $9.9 million loss on investments.

“We are focused on completing the integration of our acquisitions, driving operating leverage, and scaling our company through expanded products, services, and growth initiatives across each of our verticals… We remain committed to Bitcoin as a long-term strategic asset and are focused on growing our treasury in a disciplined and capital-efficient manner,” CEO David Bailey said.

Meanwhile, the firm’s stock has also been under pressure. Google Finance data showed that NAKA fell 7.16% to close at $0.21 on Monday before recovering about 5.6% in after-hours trading. NAKA is down roughly 40% year-to-date.

Nakamoto’s decision to sell comes at a difficult time for Bitcoin treasury companies. According to CryptoQuant data, Strategy (formerly MicroStrategy) now accounts for roughly 76% of all Bitcoin held by treasury firms. 

The company purchased about 45,000 BTC in the past 30 days, while all other treasury firms combined added just 1,000 BTC. That concentration marks a substantial decline in participation.

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