Nakamoto Sells $20 Million in Bitcoin and Cuts Metaplanet Stake to Fund Operations

Nakamoto sold $20 million in Bitcoin in March 2026, at an average price of around $70,400 per coin. This was a 20% discount to its year-end 2025 valuation of $87,519 per BTC. The company stated the proceeds would be used to replenish working capital and support recent mergers and operations.

Following the sale, Nakamoto’s Bitcoin holdings were reduced from 5,342 BTC at the end of 2025 to 5,058 BTC. The company also sold 5 million shares of Metaplanet for $11.1 million at a loss. This marked a continued decline in its stock, which had dropped by 80% over the past six months.

Nakamoto reported a $166.2 million loss in 2025 tied to changes in the fair value of its crypto holdings and a $9.29 million loss on the Metaplanet position. CEO David Bailey emphasized the company's long-term commitment to Bitcoin while focusing on operating leverage and capital efficiency.

The Bitcoin sale occurred as part of a broader liquidity strategy. Nakamoto’s weighted average purchase price for Bitcoin was $118,171, significantly higher than the sale price of $70,422 per coin. According to reports, the company stated the proceeds would be used to create a U.S. dollar operating reserve to fund strategic projects, integration activities, and day-to-day expenses. The move reflects a challenging market environment and a need for greater financial flexibility.

The decision also followed the acquisitions of BTC Inc. and UTXO Management GP, LLC. These were funded through equity issuance, and the Bitcoin sale helped cover associated costs. Nakamoto remains committed to Bitcoin as a long-term strategic asset while implementing a disciplined capital strategy.

The sale and associated losses have led to a continued decline in Nakamoto’s stock. Its stock had dropped by 40% year-to-date and 80% over the past six months as of March 2026. The company’s strategy comes amid broader market weakness, with Bitcoin prices having fallen nearly 50% from their peak.

Strategy Inc. — formerly MicroStrategy — now accounts for 76% of all corporate Bitcoin holdings, highlighting the challenges for smaller firms in the Bitcoin treasury space. The market appears to be adjusting to a more cautious approach as volatility remains a key concern.

Analysts are closely watching how Nakamoto balances its long-term Bitcoin exposure with short-term liquidity needs. The company’s ability to maintain its strategic direction while managing financial constraints will be a key factor in its future performance. The broader market will also be watching whether more companies follow a similar approach.

Nakamoto’s move reflects the pressures faced by Bitcoin treasury firms. With Bitcoin’s price still below its peak and market volatility persisting, companies must adapt to ensure long-term viability. The firm’s next steps, particularly in managing its remaining Bitcoin holdings and strategic investments, will be of interest to investors and market observers.