Key Takeaways:
- Nakamoto's Bitcoin holdings are down 35%, with $224 million in unrealized losses
- The company's stock has plunged 99% from $1,000 to $5.60
- Total Bitcoin treasury value across firms fell $34 billion to $90 billion
Key Takeaways:
Nakamoto Inc. is sitting on a $224 million unrealized loss on its Bitcoin holdings after buying 5,765 BTC at an average price of $118,171 per coin in August 2025, according to Arkham Intelligence data.
"Nakamoto bought roughly $679 million of BTC at an average price near $118,000 — and held it all the way down," Arkham Intelligence said in a post on X. "They've lost about $224 million in less than a year."
The company sold only 284 BTC in March at roughly $70,400 per coin, raising about $20 million for working capital. Its remaining stack of 3,988 BTC is worth about $292 million at current prices near $73,500. The first-quarter net loss reached $238.8 million, including a $102.5 million mark-to-market charge tied to Bitcoin's decline.
Nakamoto's stock has fallen 99.4% from $1,000 to $5.60, forcing a 1-for-40 reverse stock split on May 22 to meet Nasdaq's minimum bid requirement. The broader Bitcoin treasury sector has lost $34 billion in value, falling from $124 billion to $90 billion, as firms including Trump Media and KULR Tech have been forced to sell holdings at a loss.
The scale of Nakamoto's losses places it at the bottom of the corporate Bitcoin treasury table, a cautionary contrast to Strategy, which holds $63.46 billion in Bitcoin after years of accumulation at lower average prices. Metaplanet also strengthened its position, buying 5,075 BTC for $405 million.
Nakamoto's high-cost entry and limited exit strategy left it exposed when Bitcoin failed to sustain its 2025 rally. The token touched a local high of $126,000 in October 2025 before declining 41% to current levels. With the stock trading at a steep discount to the value of its Bitcoin assets, investors are pricing in the risk of further sales if the company needs additional cash.
The remaining 3,988 BTC give Nakamoto direct upside if Bitcoin rebounds, but the same exposure keeps the company vulnerable to further weakness — especially after a high-cost accumulation strategy already forced realized losses into the financial statements.
This article is for informational purposes only and does not constitute investment advice.
