Corporate holders of Bitcoin are splitting into two camps as market pressure mounts. Michael Saylor’s Strategy paused its steady accumulation and kept its massive treasury intact, while Nakamoto Holdings trimmed Bitcoin exposure, realizing losses to shore up its balance sheet.
Nakamoto realized losses after selling roughly $20 million of BTC in March, disposing of about 284 coins at roughly $70,400 each — well below its prior average purchase price. The sale cut Nakamoto’s holdings to just over 5,000 BTC and moved part of its position from unrealized to realized losses. Proceeds were allocated to working capital and business investments tied to recent mergers. At the same time, the company reduced its equity stake in Japanese firm Metaplanet, selling shares at a loss as part of a broader balance-sheet reset among digital-asset treasury companies.
By contrast, Strategy broke a months-long pattern of regular buys by reporting no Bitcoin purchases in its latest weekly disclosure. The pause is notable because consistent accumulation has been central to Strategy’s capital strategy and public identity, especially as Bitcoin fell from about $120,000 to under $70,000. Weekly disclosures from Strategy have been watched as a proxy for institutional demand; even a temporary halt could reflect caution about market conditions, capital constraints or the intended tempo of accumulation. Strategy still holds roughly 762,000 BTC, remaining by far the largest corporate holder.
The divergence underscores growing scrutiny of the corporate Bitcoin treasury model. Some companies treat BTC as a long-term reserve and double down through volatility, while others — particularly those exposed to leverage or facing near-term cash needs — are unlocking liquidity and booking losses. With Bitcoin roughly 46% below its peak, the risks of debt-fueled or aggressive accumulation strategies are more apparent.
Separately, a proposed Bitcoin-backed municipal bond in New Hampshire advanced after receiving a Ba2 rating from Moody’s, a speculative-grade score. The planned issuance, reportedly around $100 million, would be secured by Bitcoin collateral rather than conventional tax revenues; repayments would depend on returns from that collateral. Moody’s cited elevated Bitcoin volatility as a key factor behind the speculative-grade rating, highlighting the novel risks of tying public finance to crypto markets.
In corporate listings news, CoinShares debuted on the Nasdaq after merging with a SPAC, giving the digital-asset manager broader access to U.S. public markets. The SPAC transaction valued CoinShares at roughly $1.2 billion and reflects continued use of SPACs as an avenue for crypto-native firms seeking public listings despite challenging market conditions.
Overall, the recent moves by Nakamoto and Strategy, the New Hampshire bond rating and CoinShares’ listing together illustrate the varied ways businesses and municipalities are integrating — or reassessing — Bitcoin exposure amid heightened volatility and capital pressures.