Corporate Bitcoin Split: Strategy Holds, Nakamoto Sells

Corporate Bitcoin (BTC) holders are diverging into two distinct paths amid continued market pressure. While Strategy held steady on its massive BTC reserves, Nakamoto Holdings moved in the opposite direction, selling at a loss and trimming exposure as it reworks its balance sheet.

The contrast highlights a growing divide in the corporate Bitcoin treasury model. Some holders have refused to sell, treating BTC as a long-term reserve asset and doubling down through volatility, while others are being forced to unlock liquidity, book losses or rethink capital allocation. 

With Bitcoin down 46% from its peak, the risks behind debt-fueled or aggressive buying strategies are becoming harder to ignore.

Elsewhere, a proposed Bitcoin-backed municipal bond in New Hampshire is moving closer to issuance. It has now received a speculative-grade rating from Moody’s, underscoring both the appeal and the risks of tying public financing to digital assets.

Nakamoto realizes losses as Bitcoin treasury model comes under pressure

Bitcoin treasury company Nakamoto Holdings sold roughly $20 million worth of Bitcoin in March, executing the sale at prices well below its prior acquisition costs. The transaction reduced its holdings to just over 5,000 BTC and marked a shift from unrealized to realized losses.

The company sold approximately 284 BTC at around $70,400 per coin, significantly less than its average purchase price. The proceeds were earmarked for working capital and business investments tied to recent mergers.

Alongside the crypto sale, Nakamoto also cut its equity exposure to Japanese company Metaplanet, selling millions of shares at a loss. The moves point to a broader balance-sheet reset as digital asset treasury companies come under pressure.

Strategy pauses Bitcoin buys, keeps its treasury intact

Michael Saylor’s Strategy broke a months-long pattern of steady Bitcoin accumulation, reporting no purchases during the latest weekly disclosure period. 

The pause stands out because Strategy has maintained consistent buying as a core part of its corporate identity and capital strategy, especially during the recent market downtrend that has seen Bitcoin fall from $120,000 to below $70,000. 

Weekly disclosures have become a signal for institutional demand, and even a temporary halt could suggest squeamishness over market conditions, capital availability or the pace of buying. Strategy still holds roughly 762,000 BTC, maintaining its position as the largest corporate holder of the asset.

New Hampshire Bitcoin-backed bond inches toward reality after Moody’s rating

A proposed Bitcoin-backed municipal bond in New Hampshire has moved a step closer to issuance after receiving a Ba2 rating, below investment grade, from Moody’s. The structure would give investors exposure to Bitcoin-linked returns within a public finance framework, with proceeds expected to support public infrastructure and development projects.

The planned issuance, reportedly around $100 million, would be backed by Bitcoin collateral rather than traditional tax revenues. Repayments would depend on returns from that collateral, introducing a new approach that ties crypto markets to municipal borrowing.

CoinShares debuts on Nasdaq following SPAC deal

Digital asset manager CoinShares launched on the Nasdaq on Wednesday following a merger with special purpose acquisition company Vine Hill Capital, marking another step in bringing crypto-native companies to US public markets.

The deal gives CoinShares access to a broader investor base and deeper capital markets, while offering public market investors exposure to a company focused on digital asset products and infrastructure. SPAC structures have remained a viable route for crypto companies seeking listings despite shifting market conditions.

As Cointelegraph previously reported, the SPAC merger valued CoinShares at roughly $1.2 billion. 

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