TL;DR
- Nakamoto sold 284 BTC for $20 million in March, implying an average sale price near $70,400 and trimming its holdings to roughly 5,058 BTC.
- The company also sold 5 million Metaplanet shares for $11.1 million, after buying 8 million shares at $3.75 each and recording earlier unrealized losses.
- Management said proceeds will support business investment, merger-related working capital, and a focus on integrating BTC Inc and UTXO Management.
Nakamoto trimmed its bitcoin treasury and its exposure to Metaplanet, raising questions about discipline and strain. The headline sale matters because it breaks the image of relentless bitcoin accumulation and ties it to a broader reshaping of the company’s balance sheet. Nakamoto sold 284 BTC for about $20 million, implying an average price near $70,400 per coin. The company said the proceeds would support business investment and replenish working capital tied to recent mergers, rather than fund a retreat from crypto.
Why the March sale is drawing unusual scrutiny
What makes the transaction stand out is its timing against prior internal marks. The bitcoin sale did not happen at a local high, but at a level materially below the value Nakamoto used for its year-end holdings. At the end of 2025, the company held 5,342 BTC and valued those coins at $87,519 each. Selling 284 BTC at roughly $70,400 means the March disposal came at about a 20% discount to that year-end valuation. Even after the sale, Nakamoto still held roughly 5,058 BTC, showing the move reduced exposure without abandoning its treasury strategy.
The parallel reduction in Metaplanet adds another layer. This was not simply a bitcoin trade, but part of a quarter in which Nakamoto also cut an equity position at a clear loss. The company had bought 8 million Metaplanet shares at $3.75 each, or around $30 million in total. During the first quarter, it sold 5 million shares for about $11.1 million, implying a sale price near $2.22 per share. By the end of 2025, Nakamoto had already reported an unrealized loss of $9.29 million on the position, including foreign exchange impacts.
That context gives the transaction its sharper tone. Nakamoto is still deeply tied to bitcoin, but the latest filings suggest liquidity and capital allocation are now taking priority over optics. The company reported a $166.2 million loss in 2025 tied to changes in the fair value of its crypto holdings and posted a net loss of $52.2 million for the year. At the same time, management said it plans to wind down legacy healthcare operations and focus on integrating BTC Inc and UTXO Management. What remains is not a clean exit story, but a company reallocating under pressure.
