Nakamoto Sells 284 BTC for About $20M as Bitcoin Slides

Bitcoin treasury company Nakamoto pared back its crypto position in the first quarter, disclosing in a Form 10-K filed on March 30 that it sold roughly 284 BTC in March for about $20 million. The figures suggest an average sale price near $70,422 per bitcoin. The sale follows an aggressive build-up after the firm rolled out its Bitcoin strategy in August 2025. Nakamoto reported net purchases of 5,342 BTC in 2025 at a total cost of about $631.39 million, implying a weighted average entry price of roughly $118,171 per BTC. The gap between that cost basis and March's sale price underscores the decline in bitcoin over the period. Nakamoto had previously recorded a $166.2 million loss from changes in the fair value of its digital-asset holdings in 2025. By year-end, bitcoin was at $87,500, below the company's average purchase price. Nakamoto framed the March sale as part of liquidity and capital management. It said proceeds would support operations, be reinvested in the business, and fund working-capital needs tied to recent acquisitions. The company also reported selling 5 million shares of Metaplanet for about $11.1 million during the first quarter. The disclosures come after a busy stretch of dealmaking. Nakamoto completed acquisitions of BTC Inc. and UTXO Management GP, LLC in February 2026, transactions funded primarily through equity issuance. In a separate statement, the team said: "Nakamoto continues to view its Bitcoin holdings as a longterm strategic treasury asset. Management believes this approach reflects a disciplined capital strategy that separates longterm Bitcoin exposure from shortterm operating liquidity, while preserving the Company's ability to benefit from Bitcoin appreciation over time." Broader volatility in crypto markets has pressured valuations for publicly listed firms that hold BTC and similar assets, raising questions about spillover risk. Many companies entered the space last year on expectations of long-term upside, but recent price action has tested that thesis. CryptoPotato recently reported that Strategy is now the main source of bitcoin treasury buying, remaining the dominant force in the market. Over the past 30 days, Strategy added about 45,000 BTC, its most aggressive accumulation since April 2025. The post "Bought High, Sold Lower: Nakamoto Trims Bitcoin Holdings as Prices Slide" appeared first on CryptoPotato.