Bought High, Sold Lower: Nakamoto Trims Bitcoin Holdings as Prices Slide

Bitcoin treasury agency Nakamoto lowered a part of its Bitcoin holdings through the first quarter of the yr, after promoting roughly 284 BTC in March for about $20 million, as per the Form 10-Okay it filed on March 30.

This implies a mean sale worth of roughly $70,422 per coin.

Bought High, Sold Lower

The transaction comes after a yr of heavy accumulation following the launch of its Bitcoin technique in August 2025, when the corporate reported internet purchases of 5,342 BTC at a complete value of roughly $631.39 million, which interprets to a weighted common buy worth of about $118,171 per BTC.

The hole between the prior acquisition value and the latest sale worth displays the decline in BTC’s market worth over that interval, which the corporate had already flagged by a $166.2 million loss on the change in honest worth of its digital asset holdings in 2025.

As of the top of that yr, Bitcoin costs had fallen to $87,500, beneath the agency’s common entry degree. The March sale seems to be a part of a broader liquidity and capital administration technique. The firm acknowledged that proceeds can be used to help operations, reinvest in its companies, and canopy working capital wants tied to latest acquisitions.

In addition to the sale, the corporate additionally disclosed the divestment of 5 million shares of Metaplanet inventory for roughly $11.1 million within the first quarter. These strikes comply with a interval of great company exercise, such as the completion of acquisitions of BTC Inc. and UTXO Management GP, LLC in February 2026, which had been funded primarily by fairness issuance.

In a separate report, the group acknowledged,

“Nakamoto continues to view its Bitcoin holdings as a long-term strategic treasury asset. Management believes this strategy displays a disciplined capital technique that separates long-term Bitcoin publicity from short-term working liquidity, whereas preserving the Company’s capacity to profit from Bitcoin appreciation over time.”

DATs Under Market Strain

Ongoing turbulence in crypto markets is dragging down the valuations of firms that maintain BTC and comparable property. This has prompted considerations about potential spillover results. A wave of publicly traded companies entered the crypto area final yr, anticipating long-term positive aspects from rising costs. However, present traits are lower than favorable.

As just lately reported by CryptoPotato, Strategy is now the only real driver of Bitcoin treasury shopping for exercise, which continues to be successfully dominating the market. Over the final 30 days, the corporate has added about 45,000 BTC, in its most aggressive accumulation since April 2025.

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