A Major Bitcoin Treasury Company Just Dumped $20 Million in BTC at a Loss — What That Signals
Nakamoto, the Bitcoin treasury company chaired by crypto figure David Bailey, sold roughly 284 Bitcoin for $20 million in March — and the numbers reveal it was not a profitable exit.
The average sale price was around $70,400 per coin, but the company had been valuing its Bitcoin at $87,519 at the end of 2025. That is a 20% discount to its stated valuation.
The Numbers Behind the Sell-Off
- 284 BTC sold for $20 million in March 2026
- Holdings dropped from 5,342 BTC to approximately 5,058 BTC
- Company also exited its Metaplanet position at a massive loss — bought 8M shares at $3.75, sold 5M at $2.22
- Full-year 2025 net loss: $52.2 million
- Shares down 80% in six months, trading at $0.21 (down from $30+ peak)
Why They Sold
The company said proceeds will go toward investing in its businesses and replenishing working capital following recent mergers. Nakamoto is also winding down its legacy healthcare operations to focus on integrating BTC Inc and UTXO Management — two crypto media and research acquisitions.
The Bigger Picture: Bitcoin Treasury Strategy Under Pressure
Nakamoto was one of several companies that adopted the MicroStrategy playbook — accumulating Bitcoin as a treasury reserve asset. But while MicroStrategy has thrived with this approach, Nakamoto’s story shows the strategy is not bulletproof.
The company received a Nasdaq delisting warning in December 2025 after shares fell below $1 for 30 consecutive business days. It now has a narrow window to regain compliance or face removal from the exchange.
What This Means for You
- If you hold BTC treasury stocks: Not all companies following the MicroStrategy model are equal. Look at balance sheet strength, not just BTC holdings
- If you invest in crypto: Forced selling by distressed companies can create short-term price pressure — but does not change the long-term thesis
- Lesson: Holding Bitcoin on a corporate balance sheet only works if the company can survive market downturns without liquidating at a loss
Sources: Cointelegraph | Yahoo Finance
