Nakamoto Determines Bitcoin Holdings as Prices Slide

The company issued Bitcoin for about $70,422 per coin, well below its estimated acquisition cost from last year.

Bitcoin treasury company Nakamoto reduced part of its Bitcoin holdings in the first quarter of the year, after selling about 284 BTC in March for about $20 million, according to the Form 10-K it filed on March 30.

This means an average selling price of approximately $70,422 per coin.

Bought High, Sold Low

The transaction comes after a year of heavy accumulation following the launch of its Bitcoin strategy in August 2025, when the company reported a net purchase of 5,342 BTC for a total value of $631.39 million, which translates to a weighted purchase price of approximately $118,171 per BTC.

The gap between the cost of the previous purchase and the price of the latest reflects the decline in the market value of BTC during that period, the company already marked with a loss of $166.2 million in the change in the fair value of its digital asset in 2025.

By the end of that year, Bitcoin prices had fallen to $87,500, below the company’s average entry level. The March sale appears to be part of a broader financial and financial management strategy. The company said the proceeds will be used to support operations, reinvest in its businesses, and meet working capital needs associated with recent acquisitions.

In addition to the sale, the company also disclosed a reduction of 5 million shares of Metaplanet stock for approximately $11.1 million in the first quarter. These moves follow a period of significant business activity, such as the completion of the acquisition of BTC Inc. and UTXO Management GP, LLC in February 2026, which are primarily funded through equity issuance.

In a separate report, the team said,

You may also like:

“Nakamoto continues to view its Bitcoin as a long-term Treasury asset. Management believes this approach reflects a sound capital strategy that separates long-term Bitcoin exposure from short-term liquidity, while preserving the Company’s ability to benefit from Bitcoin appreciation over time.”

Dats Under Market Strain

The ongoing turmoil in the crypto markets is dragging down the prices of companies holding BTC and similar assets. This has raised concerns about possible spillover effects. A wave of publicly traded firms entered the crypto space last year, expecting long-term gains from rising prices. However, current trends are less than agreeable.

As recently reported by CryptoPotato, Strategy is now the sole driver of the Bitcoin Treasury transaction, which still effectively dominates the market. In the last 30 days, the company has added about 45,000 BTC, to its aggressive accumulation since April 2025.