Bitcoin Treasury Strategies Diverge as Nakamoto Sells at Loss, Strategy Holds Firm

Corporate Bitcoin (BTC) holders are increasingly diverging in their treasury strategies amid ongoing market volatility. While Michael Saylor’s Strategy has continued to hold its massive BTC reserves, Nakamoto Holdings has opted to sell at a loss, trimming its exposure and signaling a shift in approach. This split underscores the growing challenges and differing philosophies among corporate entities managing Bitcoin as part of their balance sheets. Nakamoto Holdings sold approximately $20 million worth of Bitcoin in March, executing the sale at prices significantly below its acquisition costs. The company sold around 284 BTC at roughly $70,400 per coin, reducing its holdings to just over 5,000 BTC. The proceeds were allocated to working capital and business investments related to recent mergers. In addition, Nakamoto also reduced its equity stake in Japanese company Metaplanet, further indicating a broader balance-sheet reset. In contrast, Strategy has paused its months-long pattern of consistent Bitcoin accumulation, reporting no purchases in its latest weekly disclosure. Strategy remains the largest corporate holder of Bitcoin, with a reported 762,000 BTC in its portfolio. The decision to halt buying, even temporarily, may reflect caution around market conditions, capital availability, or the pace of accumulation. Weekly disclosures from Strategy have historically served as a signal for institutional demand, making this pause notable. Meanwhile, a proposed Bitcoin-backed municipal bond in New Hampshire has received a speculative-grade rating from Moody’s, moving closer to potential issuance. The $100 million bond would be backed by Bitcoin collateral rather than traditional tax revenues, with repayments tied to the performance of the underlying asset. This development highlights the expanding intersection of public finance and digital assets, though it also underscores the risks associated with such structures. Digital asset manager CoinShares recently launched on the Nasdaq following a merger with SPAC Vine Hill Capital. The deal, valued at approximately $1.2 billion, provides CoinShares with access to a broader investor base and deeper capital markets. The listing represents another step in the maturation of the crypto industry as more firms seek traditional financial market integration.