Nakamoto Tops Worst Bitcoin Treasury List After $224M BTC Hit

Nakamoto Inc. has become one of the weakest examples in the corporate Bitcoin treasury trade after Arkham labeled NAKA the worst-performing Bitcoin treasury company.

The company bought 5,765 BTC for about $679 million in August 2025, at an average price near $118,171 per coin, close to Bitcoin’s cycle high. Arkham’s latest tracking puts Nakamoto’s remaining stack at 3,988 BTC, worth roughly $292 million at current prices. That leaves the treasury down about 35% on its Bitcoin holdings, with total losses around $224 million after sales and mark-to-market pressure.

The damage is also visible in the company’s own numbers. Nakamoto’s first-quarter results showed a $238.8 million net loss, including a $102.5 million mark-to-market loss tied to Bitcoin’s price decline during the quarter. Revenue rose after the acquisitions of BTC Inc. and UTXO Management, but the Bitcoin treasury position dominated the financial picture.

High Entry Price And BTC Sales Deepen The Loss

Nakamoto’s problem is not only that Bitcoin fell. It is that the company entered aggressively near the top and then sold part of its stack at much lower prices.

The company sold about 284 BTC in March for roughly $20 million, near $70,400 per coin, well below its reported average acquisition cost. That sale was made to support working capital, turning part of the treasury drawdown into a realized loss instead of only an accounting hit.

The stock has taken even more punishment. Nakamoto completed a 1-for-40 reverse stock split on May 22 after months of pressure around Nasdaq’s $1 minimum bid requirement. The split reduced outstanding shares from about 696.1 million to roughly 17.4 million, but it did not change the underlying pressure from Bitcoin losses, dilution concerns and weak investor confidence.

Bitcoin Treasury Winners Look Very Different

Nakamoto’s collapse stands out because other Bitcoin treasury companies have used the same broad strategy with better timing, larger scale or stronger market support. Strategy remains the benchmark after its Bitcoin holdings climbed to a record $63.46 billion, while Metaplanet strengthened its own position after buying 5,075 BTC for $405 million and moving into the top tier of public corporate holders.

Those comparisons matter because the treasury model depends on more than simply owning BTC. Entry price, financing structure, share issuance, debt terms, market premium, liquidity and investor trust all decide whether the strategy compounds value or destroys it.

That debate has already become uglier around Bitcoin treasury equities. Peter Schiff’s attack on Strategy and STRC showed how critics are focusing on leverage, preferred shares, hype-driven demand and the risk that treasury stocks can fall harder than Bitcoin itself when sentiment turns.

Discount To Bitcoin Assets Does Not Remove The Risk

Nakamoto now trades at a steep discount to the value of its Bitcoin assets on a post-split basis, but that discount has not been enough to bring confidence back. Investors are not only pricing the BTC stack. They are also pricing working-capital needs, past dilution, reverse-split pressure, operating losses, derivatives exposure and the risk that more Bitcoin may be sold if the company needs cash.

The remaining 3,988 BTC still give Nakamoto direct upside if Bitcoin rebounds. The same exposure keeps the company vulnerable if BTC weakens again, especially after a high-cost accumulation strategy already forced losses into the financial statements.

Nakamoto’s treasury trade now carries more than Bitcoin beta. It carries the cost of buying near the top, selling into weakness, and trying to rebuild market trust after one of the harshest stock collapses in the Bitcoin treasury sector.

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