Treasury Companies May Be Dumping Reserves Amidst Latest Market Downturn
Corporate treasuries are hitting the sell button.
As digital asset prices tumble, whispers grow louder that treasury departments—the very entities that championed crypto as a reserve asset—are now quietly offloading their holdings. It's the ultimate test of conviction: buying the dip is easy in a bull market; holding through a storm separates the believers from the tourists.
The Great Unwind
Remember all that talk about 'digital gold' and 'inflation hedges'? A sharp downturn has a funny way of clarifying priorities. For some CFOs, the balance sheet suddenly looks better with stable, boring cash than with a volatile crypto position staring back at them. The strategic reserve is becoming a tactical piggy bank to be cracked open when times get tough.
Liquidity Over Legacy
This isn't about a loss of faith in blockchain's future. It's a classic case of short-term liquidity needs trumping long-term technological bets. Meeting payroll, servicing debt, and placating nervous investors often require immediate fiat—not promises of future decentralized finance. The move reveals a harsh truth: for many corporations, crypto was never a core strategic pillar, just another high-beta asset on the spreadsheet.
A cynical take? It's the oldest play in the finance book: talk your book on the way up, and quietly exit stage left when the music stops. The real innovation here isn't the technology—it's watching traditional corporate risk management dress up a fire sale as prudent treasury management.
Nakamoto moved 1,933 BTC
Nakamoto, Inc. (NAKA) reported a treasury of 5,398 BTC, with no data on the mode of acquisition or average price. Overall, Nakamoto has been a passive holder, lining up as the 21st largest treasury among public companies.
As Cryptopolitan reported, Nakamoto, formerly Kindly, MD, was one of the buyers during the peak months for DAT companies. As a result, Nakamoto’s buying structure was heavily dependent on debt, as all the company’s loans were structured NEAR the BTC all-time price peak.
As BTC dipped to the $63,000 range, Nakamoto felt pressure and its reported balance declined by 1,933 BTC. Nakamoto has secured a $210M BTC-backed loan from Kraken, meaning its treasury can be transferred to cover the obligation.
Nakamoto itself has not reported outflows from its treasury. Other non-playbook buyers also shed some BTC. WisdomTree moved 122 BTC out of its wallets, while 21Shares moved 37 BTC.
Ark Invest, one of the previous strong BTC bulls, moved out 432 BTC from its balance. The company was also a strong supporter of BMNR and the idea of treasuries.
Is Strategy pressured to sell?
Based on identified wallets, Strategy may have moved some of its BTC from Fidelity Custody, raising questions on potential selling.
In the past, Strategy has faced FUD for selling BTC, although its outflows have been limited. The company is already carrying a large-scale BTC loss, raising doubts about its potential long-term solvency.
In its latest earnings call, Strategy announced it will be solvent with no need to sell even if BTC dips lower, with a critical level as low as $8,000. However, BTC is now trading solidly below Strategy’s average purchase price. Strategy has also made some of its big acquisitions during periods of peak optimism, buying BTC near the higher price range.
There is still no consensus on the final local bottom for BTC. Currently, the coin trades with fearful sentiment and low open interest, with no signs of directional trading or a new buildup of long positions. The shift of BTC to a range-bound trading with a lower price may precede more capitulations and crashes.
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