Corporate Bitcoin treasury strategies diverge: Nakamoto reduces holdings at a loss, while Strategy remains on hold.

Bitcoin treasury companies are heading down two different paths under continued market pressure: Strategy is maintaining its massive BTC reserves, while Nakamoto Holdings is selling Bitcoin at a loss to adjust its balance sheet. In March of this year, Nakamoto Holdings sold approximately 284 bitcoins (at a price of approximately $70,400 each), below historical cost, raising a total of approximately $20 million for working capital and M&A-related investments. The company's BTC holdings decreased to around 5,000 bitcoins, accompanied by a reduction in its stake in the Japanese company Metaplanet, reflecting the asset restructuring of digital asset treasury companies under pressure. In contrast, Strategy has suspended purchases but still holds approximately 762,000 BTC, maintaining its position as the largest corporate Bitcoin holder, indicating that some companies still view BTC as a long-term reserve asset. Furthermore, New Hampshire's proposed Bitcoin-backed municipal bonds have received a Moody's Ba2 speculative-grade rating and are expected to raise $100 million for public infrastructure construction, representing an attempt to combine digital assets with public financing. Digital asset management firm CoinShares, through its merger with SPAC Vine Hill Capital and subsequent Nasdaq listing, has provided public market investors with access to crypto asset products and infrastructure, further driving the development of the US listing market for crypto companies. (Cointelegraph)