Nakamoto sells $20M BTC at 40% loss amid funding strain
Nakamoto Holdings sold 284 BTC for about $20M in March. The sale points to balance‑sheet stress.
Per its 10‑K, the firm disclosed an average selling price of $70,422 per coin and total proceeds near $20M source.
The math implies a roughly 40% realized loss on this tranche. About $33.3M cost basis. About $13.3M loss recovered at sale.
This was not framed as routine rebalancing. The report characterizes it as urgency‑driven.
Key numbers:
- 284 Bitcoin (BTC) sold
- ~$70,422 average price per BTC 10‑K
- ~$20M proceeds, ~40% realized loss on the tranche
Nakamoto’s model relies on issuing equity above NAV, buying BTC, and riding the spread. That engine reverses when the stock collapses.
By early 2026, shares fell ~99% from May 2025 highs, constraining ATM and PIPE funding chart.
With equity channels shut, options narrow to servicing debt from cash or selling BTC. This sale suggests the latter.
Other treasuries chose different paths. MicroStrategy raised more capital into strength. GameStop held 4,710 BTC without selling.
Venue for the sale wasn’t confirmed. No independent on‑chain trace by Arkham or Lookonchain at writing.
Source: TradingView NAKAUSDT
