The value of Nakamoto's (NAKA) Bitcoin holdings peaked at over $711 million in October 2025, when BTC hit an all-time high near $126,000. But recent sales at a loss have raised concerns.
Market analyst Nic Puckrin says Nakamoto's decision to sell 284 BTC in March for $20 million-about $70,000 per coin-could signal broader distress among crypto treasury firms. These companies, holding Bitcoin as part of their reserves, are under growing pressure.
Puckrin warned that sustained Bitcoin weakness below $70,000-and possibly lower to $55,700-$58,200-could fuel a cycle of forced selling by digital asset treasuries, triggering wider market contagion. Geopolitical instability in the Middle East adds further risk.
At year-end 2025, Nakamoto reported a $166.1 million loss on its 5,342 BTC stake, now valued at $467.5 million.
The trend isn't isolated. Mining firm MARA also offloaded 15,133 BTC worth over $1 billion in March-not to exit Bitcoin, but to retire convertible debt. MARA insists this was a tactical move, not a shift in long-term strategy.
Still, the digital asset treasury sector has seen sharp declines since Q3 2025, with many stocks falling ahead of October’s major crypto crash and ensuing bear market.