Bitcoin has failed to keep up with the 2024 and 2025 hype, and the market has largely remained bearish throughout 2026. Since touching a local high of $126k in October 2025, Bitcoin has declined significantly, now hovering around $73k.
With the crypto down 41% from its ATH and 30% the past year, institutional investors who rushed into the market in 2025 are counting losses.
Nakamoto tops the list of the worst-performing Bitcoin Treasuries
With the market underperforming, some treasuries, such as Nakamoto Inc., have seen their losses hit record levels.
According to Arkham, Nakamoto bought $679 million worth of BTC at an average price of $118k per BTC. Even as the market continued to decline, they held out, anticipating a rebound.
However, the downtrend has persisted. For that reason, they have lost around $224 million in less than a year. Three months ago, they were forced to sell some holdings at a loss, offloading 284 BTC at $70k.
Currently, Nakamoto is down over 35% on their BTC holdings. The continued poor performance of its Bitcoin bet has also significantly affected the company’s stock price.
As such, the firm’s stock price plummeted 99.3%, from $956 to $6.5 over the past year. This suggests that the stock’s value jumped in May 2025, as the firm turned to aggressive BTC accumulation.
However, the continued market dip led investors to dump stocks, fearing further losses, indicating a correlation with BTC.
Treasuries forced to sell as losses hit $34 billion
While Nakamoto losses have skyrocketed, they have yet to make any significant sale, a stark contrast from other market players.
During the extended period of market weakness, the total value held by Bitcoin treasuries has plunged from $124 billion to $90 billion. This marks a $34 billion, or 27%.
As a result, some of these treasuries have sold significantly. AMBCrypto reported that Trump Media sold 2650 BTC worth $205 million.
They were forced to sell as losses skyrocketed to $455 million. That’s not all; AMBCrypto also reported that KULR Tech dumped $24 million worth of BTC as losses continued.
Interestingly, even Strategy has signaled the likelihood of selling. In fact, the strategy moved 411 BTC worth $30 million to Coinbase.
However, due to the market tension the deposit caused, it seems they canceled the deposit and withdrew 411 BTC, worth $30 million.
Therefore, given the current trajectory, it seems even Nakamoto will be forced to sell, either to cut losses or to fund operations.
Final Summary
- Nakamoto, branded as the worst-performing Bitcoin Treasury, with BTC holdings down over 35% and losses totaling $224 million.
- Bitcoin treasuries are forced to sell as losses have jumped to $34 billion.
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