Nakamoto Holdings keeps selling Bitcoin to maintain operations, while Metaplanet has been increasing its holdings against the trend, showing institutional confidence.

Gate News message: This week, top Bitcoin management firm Nakamoto Holdings disclosed that it has sold a portion of its Bitcoin reserves to sustain operations. The move has drawn market attention as the Bitcoin price falls nearly 50% from its all-time high. In March, Nakamoto sold 284 Bitcoins, worth about $20 million in total, at an average sale price of about $70k, while its purchase cost was $118171. The company currently holds 5,058 Bitcoins, valued at roughly $338 million, making it the 20th-largest Bitcoin management firm in the world.

Analyst Satish Patel noted that Satoshi and other digital asset management firms (DATs) that rely on accumulating assets rather than self-sufficient operations face “immense pressure.” The discount reflects structural concerns, including the risk of equity dilution, operating losses, and the impact of forced selloffs on investor confidence. Although Nakamoto is constrained, it acquired media company BTC Inc and hedge fund UTXO Management in February, aiming to increase cash flow. Its Nasdaq-listed shares fell 3% on Thursday, down nearly 95% from the all-time high in May.

By contrast, Japanese digital asset management firm Metaplanet continues to increase its Bitcoin holdings. Recently, it acquired about 5,075 Bitcoins, worth roughly $405 million, becoming the world’s third-largest DAT. Even though its share price remains far below last year’s peak—down 84% from the all-time high in June—it has sold no cryptocurrency, indicating a steadfast buy strategy.

Patel said that while the industry faces pressure, some DATs aim to strengthen their asset control during market downturns by continuing to acquire Bitcoin and optimize their cash-flow planning. This strategy may send a signal to investors: amid increased Bitcoin volatility, institutional buying and selling coexist, and future market direction will still depend heavily on companies’ operations and capital arrangements.