Bought the Top? Bitcoin Firm Sells $20M BTC at a Loss

Nakamoto Inc. sold 284 BTC at $70,422 each, far below its $118,171 average buy price. Here’s what the SEC filing reveals.

Nakamoto Inc. is under scrutiny after a surprising disclosure. The Bitcoin treasury firm sold 284 BTC in March 2026 for roughly $20 million. 

According to its March 30 SEC 10-K filing, the sale price averaged $70,422 per coin. That figure sits well below the firm’s weighted average purchase price of $118,171. The sale has drawn sharp reactions across the crypto community.

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Nakamoto’s Bitcoin Sale Raises Red Flags Among Investors

The firm, led by CEO David Bailey, built a 5,342 BTC position throughout 2025. It raised $540 million to fund that accumulation. 

The proceeds from March’s sale went toward a U.S. dollar operating reserve. Nakamoto says those funds cover ongoing initiatives and operational expenses.

After the sale, Nakamoto holds 5,058 BTC on its balance sheet. The loss per coin came in at roughly $47,749. That gap has not gone unnoticed. Critics quickly pointed to the firm’s stock performance, with shares trading at $0.23 and down 99% from 2025 highs.

Despite the criticism, Bailey has laid out a forward-looking plan. He pledged to exit healthcare, scale revenue streams, and grow Bitcoin holdings carefully. 

However, the timing of the sale has left many observers questioning the firm’s treasury strategy.

SEC Filing Details Nakamoto’s Growing Bitcoin Ecosystem

Beyond the controversial sale, the filing paints a broader picture of Nakamoto’s ambitions. 

The company acquired BTC Inc. and UTXO Management in February 2026. Those moves position Nakamoto as an integrated Bitcoin ecosystem builder.

The firm operates across media, asset management, and infrastructure. It presents itself as more than just a Bitcoin holding company. Nakamoto wants to drive value through multiple revenue channels within the Bitcoin space.

Still, the recent BTC sale complicates that narrative. 

Selling at a significant loss while describing long-term accumulation goals creates a contradiction. Investors are watching closely to see how management reconciles both positions.

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Bitcoin Market Pressure Compounds Nakamoto’s Challenges

The broader Bitcoin market adds more context to Nakamoto’s situation. 

At the time of reporting, Bitcoin traded at $66,223.91, according to CoinGecko. That marks a 1.71% drop in 24 hours and a 7.14% decline over the past week.

Meanwhile, whale activity on-chain is picking up. One wallet, identified as 15oD9P, pulled out 1,635 BTC, worth around $110.7 million, from major exchanges including Bybit, Binance, and OKX over the past week. 

A separate newly created wallet withdrew 450 BTC from FalconX just hours ago.

These moves suggest large holders are repositioning amid the market dip. Whether that signals accumulation or further selling pressure remains unclear. 

For Nakamoto, the episode highlights the real liquidity challenges that public Bitcoin treasury companies face during market downturns.

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