In a recent development that raises concerns in the cryptocurrency market, Nakamoto (NAKA), a company focused on Bitcoin (BTC) treasuries, has sold a significant portion of its Bitcoin holdings at a loss. According to market analyst Nic Puckrin, this move could represent a capitulation by crypto treasury companies, potentially igniting a wave of forced selling across the sector. Puckrin noted, “Cracks are beginning to show in the digital asset treasury (DAT) market,” suggesting that the ongoing geopolitics, particularly the conflict in the Middle East, will exert additional downward pressure on Bitcoin’s pricing, thereby reinforcing this cycle of distress among treasury firms.
Puckrin projected that Bitcoin’s price is likely to remain below the $70,000 mark for an extended period, with the possibility of it falling further to between $55,700 and $58,200 in the upcoming weeks. He warned that continued market weaknesses might exacerbate the challenges faced by digital asset treasuries, potentially leading to increased sell-offs.
Nakamoto recently sold 284 BTC in March for approximately $20 million, valuing each coin at about $70,000. The company also reduced its stake in the publicly traded Bitcoin treasury firm Metaplanet, selling shares at a loss. According to Nakamoto’s 10-K filing with the Securities and Exchange Commission (SEC), the company reported a valuation of its BTC treasury at $467.5 million at the end of 2025, alongside a noteworthy $166.1 million loss in the fair value of its digital asset holdings during the fourth quarter.
The crypto treasury sector has seen significant declines in net asset value premiums during the third quarter of 2025. Stock prices within this segment dropped even before the overarching crypto market crash in October 2025, which resulted in a prolonged bear market and a decrease in digital asset prices.
Compounding these issues, Bitcoin mining firm MARA also executed a large sale in March, offloading 15,133 BTC, which was valued at over $1 billion, in order to repurchase and retire approximately $1 billion in convertible debt. However, MARA’s vice president for investor relations, Robert Samuels, clarified that this sale should not be interpreted as a fundamental shift in the company’s overall BTC treasury strategy. Samuels labeled the move as a short-term tactical decision, stating, “We may buy or sell from time to time, subject to market conditions and our capital allocation priorities. It does not mean we intend to liquidate the majority of our reserves.”
The actions of Nakamoto and MARA underscore the growing vulnerabilities in the cryptocurrency sector and the potential for further volatility ahead, as both companies navigate a challenging market environment.
