Bitcoin has failed to keep up with the hype of 2024 and 2025, and the market has remained largely bearish in 2026. Since reaching a local high of $126,000 in October 2025, Bitcoin has fallen significantly and now hovers around $73,000.
With the crypto down 41% from its ATH and 30% over the past year, institutional investors who rushed to the market in 2025 are counting losses.
Nakamoto tops the list of the worst performing Bitcoin Treasuries
With the market underperforming, some government bonds such as Nakamoto Inc. have seen losses reach record levels.
According to ArkhamNakamoto bought $679 million worth of BTC at an average price of $118k per BTC. Even as the market fell further, they held on, waiting for a recovery.
However, the downward trend continues. For that reason, they have lost approximately $224 million in less than a year. Three months ago, they were forced to sell some assets at a loss, selling 284 BTC for $70,000.
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 company’s stock price plummeted 99.3% over the past year, from $956 to $6.5. This suggests that the stock’s value rose in May 2025, when the company turned to aggressive BTC accumulation.
However, the continued market dip caused investors to dump shares for fear of further losses, indicating a correlation with BTC.
Government bonds were forced to sell as losses reached $34 billion
Although Nakamoto’s losses have skyrocketed, they have yet to make any significant sales, which is in stark contrast to other market players.
During the extended period of market weakness, the total value of Bitcoin government bonds fell from $124 billion to $90 billion. This means an amount of $34 billion, or 27%.
As a result, some of these government bonds have sold off 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 indicated the likelihood of a sale. In effect, the strategy moved 411 BTC worth $30 million to Coinbase.
However, due to the market tension that the deposit caused, it appears that they canceled the deposit and withdrew 411 BTC, worth $30 million.
Given its current trajectory, it therefore appears that 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 a BTC holding of over 35% and losses totaling $224 million.
- Bitcoin government bonds are forced to sell as losses soar to $34 billion.