Bitcoin has been declining since hitting a peak in October 2025, and the market fervor surrounding corporate Bitcoin hoarding has also cooled significantly. With the price returning to around $73,000, a group of Bitcoin treasury companies that entered the market in 2025 are now facing greater book pressure.
Nakamoto has the largest unrealized losses.
According to on-chain data platform Arkham, Nakamoto has cumulatively purchased approximately $679 million worth of Bitcoin, with an average cost of about $118,000 per coin. Based on the data cited in the article, this holding currently represents a paper loss of approximately $224 million, a drop of over 35%.
The article states that Nakamoto had maintained its position for the past year, waiting for a market rebound. However, three months ago, the company sold 284 bitcoins at a price of approximately $70,000 per bitcoin, resulting in a loss.
In addition to unrealized losses on its holdings, market concerns about its Bitcoin strategy have also impacted the stock price. The article mentions that Nakamoto's stock price has fallen from $956 to $6.50 over the past year, a cumulative drop of 99.3%.
Bitcoin Treasury Market Value Shrinks
The report suggests that Nakamoto is not an isolated case. As Bitcoin continues to weaken, the total value of Bitcoin held by corporate treasuries has decreased from $124 billion to $90 billion, a reduction of approximately $34 billion, or about 27%.
- Trump Media reportedly sold 2,650 bitcoins, worth approximately $205 million.
- KULR Tech reportedly sold approximately $24 million worth of Bitcoin.
- Strategy once transferred 411 bitcoins, worth approximately $30 million, to Coinbase.
The article mentions that Strategy subsequently withdrew the transfer, failing to complete the final sale. However, this action still raised market concerns about the risks associated with corporate treasury divestment.
Corporate cash holding strategies under pressure
The core point of this report is that the correlation between stock prices and Bitcoin prices is strengthening as companies adopt Bitcoin as a treasury asset. When Bitcoin rises, related companies are more likely to receive higher valuations; however, during periods of sustained price declines, book losses, financing pressures, and working capital needs are exposed more quickly.
Based on this, the article concludes that if the market continues to weaken, Nakamoto may face further pressure to sell its holdings to cut losses or meet operational needs. However, this part is speculation by the media based on current market trends and is not a decision disclosed by the company.
