Market analyst Nic Puckrin has warned that cracks are emerging in the digital asset treasury sector after Nakamoto (NAKA) sold Bitcoin (BTC) at a loss, a move he says could signal broader capitulation among crypto treasury companies. Puckrin cautioned that the development risks sparking a contagion of forced selling across the market. He also noted that ongoing conflict in the Middle East is likely to add further downward pressure on Bitcoin’s price, creating a reinforcing cycle of stress for treasury firms.
Nakamoto sold 284 BTC in March for approximately $20 million, implying a price of around $70,000 per coin. The company also reduced its position in publicly traded Bitcoin treasury firm Metaplanet, offloading shares at a loss. These moves come after Nakamoto valued its 5,342 BTC holdings at $467.5 million at the close of 2025, while recording a $166.1 million loss on the fair value of its digital asset portfolio in the fourth quarter, as disclosed in a 10-K filing with the Securities and Exchange Commission.
The wider crypto treasury sector had already been under strain before these latest developments. Net asset value premiums across the sector collapsed during the third quarter of 2025, and stock prices began declining ahead of a broader crypto market crash in October 2025. That crash triggered a prolonged bear market and a sustained fall in digital asset valuations, compounding difficulties for companies holding large BTC reserves.
Bitcoin mining company MARA also sold 15,133 Bitcoin in March, a transaction valued at over $1 billion. The proceeds were used to repurchase and retire approximately $1 billion in convertible debt. The scale of the sale drew attention given the ongoing market turbulence and raised questions about the direction of treasury strategies across the sector.
MARA’s vice president for investor relations, Robert Samuels, moved to reassure investors that the sale does not represent a fundamental change in the company’s approach to its BTC holdings. He described it as a short-term tactical decision driven by capital allocation priorities rather than a shift away from Bitcoin as a core reserve asset. Samuels stated that the company may buy or sell Bitcoin from time to time depending on market conditions, but stressed that it does not intend to liquidate the majority of its reserves.
The developments highlight growing pressure on companies that have built their balance sheets around Bitcoin holdings, particularly as prices remain depressed following the October downturn. Analysts are watching closely to see whether further sales by treasury firms could accelerate the bear market or whether stabilising conditions will allow companies to hold their positions without resorting to additional liquidations.
Originally reported by CoinTelegraph.
