The bitcoin treasury company Nakamoto sold a portion of its holdings at a loss, a move analysts warn could signal capitulation and trigger wider forced selling. Mining firm MARA also sold over $1 billion in Bitcoin in March. These sales come amid a prolonged bear market that began after Bitcoin’s peak near $126,000 in October 2025, placing significant pressure on corporate treasuries.
The value of Nakamoto‘s Bitcoin holdings peaked at over $711 million in October 2025 when BTC hit an all-time high of about $126,000. Market analyst Nic Puckrin stated that the company selling its BTC at a loss could signal capitulation and the start of a “contagion” that sparks a wave of forced selling. “Cracks are beginning to show in the digital asset treasury (DAT) market,” Puckrin said, adding that the war in the Middle East will likely place further pressure on Bitcoin’s price and treasury companies in a reinforcing cycle.
He elaborated that price is likely to remain below $70,000 and could fall further to a range around $55,700-$58,200 in the coming weeks. “This ongoing weakness would put further pressure on DATs, which could in turn exacerbate the sell-off,” he said. Nakamoto sold 284 BTC in March for $20 million, implying a price of about $70,000 per coin, and also reduced its stake in the publicly traded Bitcoin treasury company Metaplanet at a loss.
According to its SEC filing, the company valued its 5,342 BTC treasury at $467.5 million at the end of 2025. It recorded a $166.1 million loss on the fair value of its digital asset holdings in the fourth quarter. The crypto treasury sector saw a collapse in net asset value premiums during Q3 2025, and stock prices declined even before the October 2025 market crash.
Bitcoin mining company MARA also sold 15,133 Bitcoin in March, valued at over $1 billion, to repurchase and retire about $1 billion in convertible debt, as disclosed in an SEC filing. MARA’s vice president for investor relations, Robert Samuels, said the sale does not signal a core shift in the company’s BTC treasury strategy, but is a short-term tactical move. “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,” Samuels stated.
