The recent decision by the Bitcoin treasury firm Nakamoto (NAKA) to sell its holdings of Bitcoin ($BTC) at a loss may indicate a broader capitulation among cryptocurrency treasury firms, potentially leading to a “contagion” effect that could trigger widespread forced selling. This perspective comes from market analyst Nic Puckrin.
Puckrin noted, “Signs of distress are emerging within the digital asset treasury (DAT) sector,” and he expressed concerns that ongoing geopolitical tensions in the Middle East could further depress Bitcoin’s value, creating a self-reinforcing cycle for these companies. He elaborated:
“The price is expected to stay below $70,000 for an extended period and might dip further into the range of $55,700-$58,200 in the upcoming weeks. This persistent weakness will likely add more strain on DATs and could intensify the sell-off.”
In March, Nakamoto liquidated 284 $BTC for approximately $20 million—indicating an average price of around $70,000 per coin. Additionally, they decreased their investment in Metaplanet—a publicly traded company focused on Bitcoin treasuries—by selling shares at a loss.
According to their 10-K filing with the Securities and Exchange Commission (SEC), by late 2025 Nakamoto assessed its total holding of 5,342 $BTC at roughly $467.5 million while reporting a substantial loss of $166.1 million regarding its digital assets’ fair value during Q4.
The crypto treasury landscape experienced significant declines in net asset value premiums throughout Q3 2025; stock prices fell even prior to October’s crash in cryptocurrency markets which led into an extended bear phase affecting digital asset valuations.
Related: A wave of sales from Bitcoin miners has seen them offload 15K $BTC, with expectations for more transactions ahead.
MARA also divests $ BTC in March amid ongoing market turmoil
The mining firm MARA also sold off 15,133 Bitcoins during March valued at over $1 billion as part of efforts to repurchase approximately that same amount in convertible debt obligations.
Robert Samuels , MARA’s vice president responsible for investor relations , stated that this transaction does not represent any fundamental change within their strategy concerning holding Bitcoins but rather serves as short-term tactical maneuvering .
“We might engage in buying or selling depending on prevailing market conditions alongside our capital allocation strategies ; however , it doesn’t imply we plan on liquidating most reserves,” Samuels clarified .
Magazine :
“ The most significant catalyst driving bullish sentiment towards Bitcoin would be Saylor ’ s liquidation according Santiment founder . ”