Nakamoto Inc said in its annual 10-K filing that it sold 284 BTC in March 2026 for roughly $20 million, at an average price of about $70,422 per coin. The sale came in well below the company’s previously disclosed average acquisition cost, leaving it with a realized loss of $13.56 million.
The filing shows that Nakamoto Holding Inc bought 5,342 BTC in 2025 at an average price of $118,171, spending more than $631 million in total. That makes the March disposal a clear case of selling below cost. It also puts fresh focus on how quickly balance-sheet pressure can hit firms built around a Bitcoin treasury strategy.
Reserve-building strategy ran into falling prices
After changing its business strategy in 2025, the company raised about $540 million to build its Bitcoin reserves. The problem came when BTC moved lower. By the end of 2025, Nakamoto had already booked $166 million in fair value losses. It also had a $210 million loan backed by Bitcoin collateral, with about 4,858 BTC pledged against that borrowing.
That structure leaves little room when prices drop. A decline in BTC reduces the value of the collateral and can push a company to add capital or liquidate assets. The source does not quote management directly on the reason for the sale, but the disclosed numbers show a company dealing with both mark-to-market losses and financing strain at the same time.
$NAKA falls as Bitcoin trades far below late-2025 highs
Investor concern also showed up in the stock. Shares of $NAKA fell 7.16% over the last 24 hours to $0.21. For companies with large BTC exposure and debt tied to those holdings, a market correction can hit several layers at once: the value of reserves, the strength of collateral, and the market’s view of equity risk.
Bitcoin itself had climbed to around $124,000 to $126,000 in late 2025 before sliding to about $67,000 to $68,000 in March 2026, a drop of roughly 45% to 50% from the peak. In recent weeks, BTC has traded between $65,000 and $72,000, pointing to consolidation rather than a straight collapse. That distinction matters. A range-bound market can still create heavy stress for firms carrying leverage and BTC-backed liabilities.
One sale highlights the risk of treasury exposure under pressure
Nakamoto Inc’s disclosure has reopened debate around crypto risk, but the filing is most useful as a balance-sheet case study. The issue is not simply that Bitcoin fell. It is that a company that bought at a much higher average cost, financed part of its strategy, and pledged a large amount of BTC as collateral ended up selling into a weaker market. In that setup, volatility does not stay on paper for long.