Key Insights:
- Missouri lawmakers have introduced a bill to establish a strategic Bitcoin reserve.
- Nakamoto Inc., a Bitcoin reserve company, sees a 99% drawdown after its BTC bet goes sour.
- Bitcoin Coinbase Premium gap is narrowing after previously registering a massive spike as institutional interest gradually recovers.
Weak market sentiment dominated Bitcoin news this past week. It means February remains on track to conclude with low volatility. However, there were some interesting new developments worth noting this weekend.
One of the most exciting pieces of Bitcoin news to grace the crypto market this weekend was courtesy of the state of Missouri in the US. Lawmakers in the state have reportedly introduced a new bill aiming to create a strategic Bitcoin reserve.
Missouri joins the growing list of US states that have pending bills on Bitcoin reserves. The Missouri bill reflects a growing trend of Bitcoin appeal at the state level.
About 7 states are yet to receive approval, and the Missouri bill adds to that list. At least three have already ascended into law. This includes Texas, Arizona, and New Hampshire.
The development highlights growing interest in Bitcoin reserves at the state level. However, it was not all good news for Bitcoin reserves.
Nakamoto Inc. Makes Bitcoin News Headlines After Suffering a Massive Loss
While the Missouri bill demonstrated rising interest in Bitcoin reserves, the timing of said reserves is also critical. Nowhere was that more evident than in Nakamoto Inc. The latter is a treasury firm that rode on the wave of Bitcoin reserves in 2025. It acquired about 5,398 BTC while the cryptocurrency was near its historic high.
Reports now indicate that the company’s Bitcoin reserves are down by roughly $270 million after the cryptocurrency’s massive discount over the last few months.
However, the Nakamichi stock price suffered the lion’s share of the damage. According to reports, the NAKA stock price was down by over 99% in the last 9 months. Moreover, the stock has lost more than $23 billion from its market cap so far.
The massive drawdown reflects the market’s state. Almost every other company that invested in Bitcoin last year is currently sitting in heavy losses. For Nakamichi, those losses were heightened by the fact that it bought Bitcoin near the historic top.
The Coinbase Premium Gap May Offer Some Good Bitcoin News
Analysts have been using the Coinbase Premium gap as one indicator of institutional activity. A positive reading usually signals strong institutional demand, while a negative Coinbase premium gap signals robust sell pressure.
The same indicator registered a massive negative spike since the start of 2026. This was in line with the massive sell pressure observed over the last few weeks. The Coinbase premium gap reached lows last seen in January 2025, when Trump tariffs triggered a market-wide selloff.
However, recent data now suggests that the Coinbase premium gap is narrowing. This suggests that institutional outflows are cooling.
The indicator suggests that institutional sell pressure may be cooling. This may provide the bulls with an ideal opportunity to regain dominance.
Meanwhile, the impact of the recent wave of selling pressure was clear. Some players, especially in the Bitcoin mining segment, may have given up. Bitdeer has reportedly sold off all its Bitcoin holdings and opted out of crypto mining altogether.
The company has reportedly diverted its attention towards the data center and AI cloud segments.