Since reaching an all-time high near $126,000 in late 2025, Bitcoin has tumbled to approximately $73,000 amid a bearish market extending into 2026. This sharp decline has hit institutional investors hard, particularly those who entered the market during the 2025 rally. Among them, Nakamoto Inc. stands out as the Bitcoin treasury with the deepest losses.
Nakamoto acquired about $679 million worth of Bitcoin at an average price exceeding $118,000 per coin. Despite the continued market downturn, the company held onto its holdings, expecting a rebound that did not materialize. Over the past year, their Bitcoin investment lost roughly 35%, translating to a loss of about $224 million. Faced with mounting losses, Nakamoto sold a portion of their holdings recently, offloading 284 BTC at $70,000—well below their purchase price.
The drop in Nakamoto’s Bitcoin portfolio has severely affected its stock value. Over the same period, the company’s shares dropped by more than 99%, falling from $956 to just $6.50. The stock surge in mid-2025 coincided with aggressive Bitcoin accumulation, but as prices declined, investors rushed to exit, linking the stock’s fate closely with Bitcoin’s performance.
Broader market data shows that Bitcoin treasuries collectively slashed their holdings amid mounting losses. The total value of Bitcoin held by such treasuries has plunged from $124 billion down to $90 billion, amounting to a $34 billion loss. In response, some entities have been compelled to liquidate their Bitcoin positions to manage financial strain.
For instance, Trump Media reportedly sold 2,650 BTC worth over $200 million after losses ballooned to $455 million. KULR Tech also offloaded $24 million in Bitcoin, while Strategy briefly moved 411 BTC to Coinbase before reversing the transaction, signaling unease amid market volatility.
The sustained downward trend puts pressure on remaining holders like Nakamoto, who may soon be forced to sell additional Bitcoin either to stem further losses or to meet operational needs. The current market environment poses ongoing challenges for institutional investors heavily invested in Bitcoin, with significant writedowns increasingly common across the sector.