Nakamoto Inc. Sold 284 Bitcoin in March for $20 Million, 10-K Shows

• Nakamoto Inc. disclosed in its latest 10-K that it sold about 284 BTC in March 2026 for roughly $20 million.
• The company had previously net purchased 5,342 BTC in 2025 at a weighted average price of about $118,171 per coin.

Nakamoto Inc. sold a slice of its Bitcoin stack in March, according to the company’s latest 10-K, giving investors a clearer look at how the treasury-focused firm is managing its crypto exposure.

The filing, submitted on March 30, shows the Nasdaq-listed company sold approximately 284 BTC in March 2026 for about $20 million. That works out to an average selling price of roughly $70,422 per Bitcoin, a level well below the company’s disclosed average acquisition cost from the prior year.

A treasury sale at a lower price point

The numbers stand out for a simple reason. In 2025, Nakamoto said it net purchased 5,342 BTC with a total cost basis of around $631.39 million, implying a weighted average purchase price of about $118,171 per coin. Against that backdrop, the March disposal suggests the company sold part of its holdings at a materially lower level than its average entry price.

That does not automatically tell the whole story, of course. Treasury companies do not always express a bearish view on Bitcoin. Sales can reflect liquidity needs, capital allocation decisions, debt management, acquisition activity or balance-sheet reshuffling. Still, when a company built around Bitcoin accumulation moves coins out the door, the market notices.

What the filing says about Nakamoto’s balance-sheet strategy

The disclosure appeared under subsequent events in the annual filing, which makes it relevant not just as a trading detail but as a signal of post-period treasury activity. For a company tied closely to Bitcoin exposure, even a relatively modest reduction in holdings can draw attention because these firms are often judged as much on treasury discipline as on operating performance.

What this filing shows, more than anything, is that Nakamoto is not treating its Bitcoin reserve as entirely static. It accumulated aggressively in 2025, then trimmed a portion in March. In crypto treasury terms, that leaves investors watching the same old question again, just in a new filing cycle: whether the company is still in accumulation mode, or starting to manage its stack more actively.