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

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

This implies an average sale price of roughly $70,422 per coin.

Bought High, Sold Lower

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

The gap between the prior acquisition cost and the recent sale price reflects the decline in BTC’s market value over that period, which the company had already flagged through a $166.2 million loss on the change in fair value of its digital asset holdings in 2025.

As of the end of that year, Bitcoin prices had fallen to $87,500, below the firm’s average entry level. The March sale appears to be part of a broader liquidity and capital management strategy. The company stated that proceeds would be used to support operations, reinvest in its businesses, and cover working capital needs tied to recent acquisitions.

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

In a separate report, the team stated,

DATs Under Market Strain

Ongoing turbulence in crypto markets is dragging down the valuations of companies that hold BTC and similar assets. This has prompted concerns about potential 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 favorable.

As recently reported by CryptoPotato, Strategy is now the sole driver of Bitcoin treasury buying activity, which is still effectively dominating the market. Over the last 30 days, the company has added about 45,000 BTC, in its most aggressive accumulation since April 2025.

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