The value of the Bitcoin treasury company’s holdings peaked at over $711 million in October 2025, when BTC hit an all-time high of about $126,000.
Bitcoin (BTC) treasury firm Nakamoto (NAKA) selling BTC at a loss could presage capitulation among other crypto treasury companies and trigger a “contagion” of forced selling, market analyst Nic Puckrin warned. Puckrin said the digital asset treasury (DAT) market is showing “cracks” and that the Middle East war is likely to exert additional downward pressure on Bitcoin and treasury firms in a reinforcing cycle. He forecast that price may stay below $70,000 for some time and could drop to roughly $55,700–$58,200 in the coming weeks, a weakness that would further strain DATs and potentially worsen the sell-off.
Nakamoto sold 284 BTC in March for $20 million, implying about $70,000 per coin, and also trimmed its stake in publicly traded Bitcoin treasury company Metaplanet, selling shares at a loss. At the end of 2025 the company valued its 5,342 BTC treasury at $467.5 million and reported a $166.1 million fair-value loss on digital assets for Q4, according to its 10-K filing with the SEC.
The crypto treasury sector experienced a collapse in net asset value premiums during Q3 2025, and share prices had fallen even before the broader crypto market crash in October 2025, which ushered in a prolonged bear market and lower digital asset valuations.
Bitcoin miner Marathon Digital Holdings (MARA) also sold BTC in March, offloading 15,133 coins valued at more than $1 billion to repurchase and retire about $1 billion in convertible debt. MARA’s vice president for investor relations, Robert Samuels, said the sale is a short-term tactical move and not a change to the company’s core BTC treasury strategy, noting that the firm may buy or sell from time to time based on market conditions and capital priorities.
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