Corporate holders of Bitcoin are splitting into two distinct camps as sustained market pressure tests the viability of different treasury approaches. Some companies continue to treat BTC as a long-term reserve asset, refusing to sell through volatility, while others are being forced to liquidate holdings, absorb losses, or restructure their capital allocation. With Bitcoin down 46% from its peak, the risks embedded in debt-fueled or aggressive accumulation strategies are becoming increasingly difficult to overlook.
Nakamoto Holdings sold approximately $20 million worth of Bitcoin in March, executing the transaction at prices well below its original acquisition costs. The company offloaded around 284 BTC at roughly $70,400 per coin, a figure significantly lower than its average purchase price, reducing its total holdings to just over 5,000 BTC. The sale converted previously unrealized losses into confirmed ones, with proceeds directed toward working capital and business investments connected to recent merger activity.
Alongside the Bitcoin sale, Nakamoto also reduced its equity stake in Japanese firm Metaplanet, selling millions of shares at a loss. Together, the moves signal a broader balance-sheet reset for the company as digital asset treasury firms face mounting financial pressure. The decisions mark a clear departure from the accumulation-focused model that many corporate Bitcoin holders have publicly championed.
Strategy, led by Michael Saylor, took a contrasting approach, reporting no Bitcoin purchases during its most recent weekly disclosure period. The pause is notable because consistent buying has been central to Strategy’s corporate identity and capital strategy, particularly during the recent downturn that saw Bitcoin fall from $120,000 to below $70,000. The company’s weekly disclosures have come to serve as a barometer for institutional demand, and even a brief halt raises questions about market sentiment, capital availability, or the pace of future acquisitions.
Despite the pause, Strategy retains approximately 762,000 BTC, keeping its position as the largest corporate holder of the asset. The company has not indicated any intention to reduce its holdings, and the absence of new purchases during a single reporting period may reflect timing rather than a strategic shift. Observers will be watching closely to see whether accumulation resumes in subsequent disclosures.
In the public finance sector, a proposed Bitcoin-backed municipal bond in New Hampshire has moved closer to issuance after receiving a Ba2 rating from Moody’s, placing it below investment grade. The planned issuance is reported to be around $100 million and would be backed by Bitcoin collateral rather than conventional tax revenues. Repayments would depend on returns generated by that collateral, introducing a novel structure that links cryptocurrency markets directly to municipal borrowing.
The bond would offer investors exposure to Bitcoin-linked returns within a public finance framework, with proceeds intended to support infrastructure and development projects. The speculative-grade rating from Moody’s reflects both the appeal and the inherent risks of tying public obligations to digital asset performance. The structure represents an early test of how traditional municipal finance mechanisms might incorporate crypto-backed instruments.
In a separate development, digital asset manager CoinShares began trading on the Nasdaq following a merger with special purpose acquisition company Vine Hill Capital, in a deal that valued CoinShares at approximately $1.2 billion. The listing gives the firm access to a broader investor base and deeper capital markets, while providing public market participants with exposure to a company focused on digital asset products and infrastructure. The transaction marks another step in the ongoing effort to bring crypto-native businesses into mainstream US public markets.
Originally reported by CoinTelegraph.
