Nakamoto (NAKA), a company that holds a significant Bitcoin treasury, has been selling BTC at losses, a move some analysts say could foreshadow wider capitulation among crypto treasury firms and trigger further forced selling.
Nakamoto’s holdings reached a peak valuation of more than $711 million in October 2025, when BTC traded near its all-time high of roughly $126,000. In March the company sold 284 BTC for about $20 million—roughly $70,000 per coin—and also reduced its stake in publicly traded Metaplanet at a loss. In its 10‑K filing, Nakamoto reported valuing its remaining 5,342 BTC at $467.5 million and recording a $166.1 million fair‑value loss on digital assets for Q4.
Market analyst Nic Puckrin warned that these distress sales expose “cracks” in the digital asset treasury (DAT) market. He said that if more treasury holders are forced to liquidate positions, it could create a contagion effect of selling across the sector. Puckrin also cautioned that geopolitical tensions in the Middle East could add downward pressure on Bitcoin prices and on treasury companies, creating a reinforcing cycle of weaker prices and balance‑sheet stress.
Puckrin forecast that BTC could remain below $70,000 for an extended period and might fall into the roughly $55,700–$58,200 range in the coming weeks. Such a decline, he said, would deepen strains on DATs and could accelerate further sales from firms that need liquidity or are subject to margin and covenant pressures.
The crypto treasury sector was already under pressure: net asset value premiums collapsed in Q3 2025 and many treasury companies’ share prices had been sliding before the broader crypto market crash in October 2025, which ushered in a prolonged bear market and lower valuations for digital assets.
Miners have also been active sellers. Marathon Digital Holdings (MARA) sold 15,133 BTC in March—more than $1 billion worth—using proceeds to repurchase and retire roughly $1 billion in convertible debt. Marathon’s investor relations vice president, Robert Samuels, described the sale as a short‑term tactical move rather than a change to the firm’s long‑term BTC treasury strategy, noting the company may buy or sell depending on market conditions and capital needs.
The recent rounds of selling by treasury holders and miners highlight the vulnerability of firms that carry large BTC positions when prices move sharply lower. Observers say the combination of mark‑to‑market losses, debt obligations and adverse market momentum could prompt more liquidations until buyers reappear.
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