Nakamoto Inc. sold about 284 BTC for roughly $20 million, according to company filings and market reporting, using the proceeds to support working capital and fund operations. The sale was executed at an average price near $70,000 per BTC, well below the company’s weighted-average purchase price of $118,171.
The transaction has drawn attention because it signals growing balance-sheet pressure at a company that has tied much of its strategy to Bitcoin accumulation and related businesses. The disposal also matters for traders and corporate treasury watchers because it shows how a Bitcoin-holding company can become a source of supply when liquidity needs rise.
A treasury sale tied to a broader strategic shift
The March sale represented about 5% of Nakamoto’s stated Bitcoin holdings, based on the figures cited in the reports. The move followed the company’s $107 million all-stock acquisition of BTC Inc. and UTXO Management in February 2026, part of its push to transform itself into a vertically integrated Bitcoin operating business.
That strategic repositioning has not come at an easy time financially. For the year ended Dec. 31, 2025, the company reported a pre-tax loss of $52.2 million, including a $166.1 million decline in the fair value of its digital assets. Management has said the recent transactions form part of a broader integration of media, events and asset-management operations tied to its Bitcoin treasury model.
Pressure on the balance sheet is also coming from leverage. Nakamoto carries an 8% USDT loan of $210 million from Kraken, secured by a significant portion of its Bitcoin holdings, a structure that limits flexibility and raises the possibility of additional sales if collateral or interest demands tighten. That financing arrangement has become a central risk factor because it links treasury strategy directly to market conditions.
Market pressure is now shaping the treasury story
The company’s stock performance shows how sharply investor confidence has deteriorated. Shares have fallen about 99% from their May 2025 peak, reflecting concern over weak earnings, digital-asset write-downs and the company’s overall liquidity position. The fact that Nakamoto sold Bitcoin below its cost basis only adds to the sense that the company is operating from a weaker position than other corporate holders.
That contrast is becoming more visible across the market. While Nakamoto was selling into weakness, other corporate treasury players have continued to add Bitcoin, and one market data provider said Strategy Inc. captured a dominant share of recent corporate accumulation. That divergence makes Nakamoto’s sale look less like portfolio management and more like a response to financial strain.
Management has maintained that the current phase is transitional. In its March 30, 2026 earnings release, the company said it expects improved operating performance and long-term value creation as integration and cost-streamlining efforts continue. For now, the most important indicators will be its integration progress, cash-burn trajectory and any change in the terms or pressure surrounding its secured financing.