Bitcoin (BTC<\/a>) treasury company Nakamoto (NAKA) selling its BTC at a loss could signal capitulation of more crypto treasury companies and the start of a \u201ccontagion\u201d that could spark a wave of forced selling, according to market analyst Nic Puckrin.<\/p>\n “Cracks are beginning to show in the digital asset treasury (DAT) market,\u201d Puckrin said, adding that the war in the Middle East will likely place further pressure on Bitcoin\u2019s price and treasury companies in a reinforcing cycle. He said:<\/p>\n \u201cPrice is likely to remain below $70,000 for some time 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.”<\/p><\/blockquote>\n Nakamoto sold 284 BTC<\/a> in March for $20 million, implying a price of about $70,000 per coin; the company also reduced its stake in the publicly traded Bitcoin treasury company Metaplanet, selling shares at a loss.\u00a0<\/p>\n At the end of 2025, the company valued its 5,342 BTC treasury at $467.5 million and recorded a $166.1 million loss on the fair value of its digital asset holdings in the fourth quarter, according to the company\u2019s 10-K filing<\/a> with the Securities and Exchange Commission (SEC).\u00a0<\/p>\n The crypto treasury sector saw a collapse in net asset value premiums<\/a> during Q3 2025, and stock prices declined even before the crypto market crash in October 2025, which sparked a prolonged bear market and a decline in digital asset prices.<\/p>\n Related: <\/strong><\/em>Bitcoin miners offload 15K BTC since October, with more sales expected<\/strong><\/em><\/a><\/p>\n Bitcoin mining company MARA also sold 15,133 Bitcoin<\/a> in March, valued at over $1 billion, to repurchase and retire about $1 billion in convertible debt.<\/p>\n MARA\u2019s vice president for investor relations, Robert Samuels, said the sale does not signal a core shift in the company\u2019s BTC treasury strategy<\/a>, but is a short-term tactical move.\u00a0<\/p>\n \u201cWe 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,\u201d Samuels said<\/a>.<\/p>\n Magazine: <\/strong><\/em>Bitcoin\u2019s \u2018biggest bull catalyst\u2019 would be Saylor\u2019s liquidation: Santiment founder<\/strong><\/em><\/a><\/p>\n <\/template><\/div>\n Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https:\/\/cointelegraph.com\/editorial-policy<\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":" The value of the Bitcoin treasury company’s holdings peaked at over $711 million in October 2025, when BTC hit an […]<\/p>","protected":false},"author":5,"featured_media":67428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-67427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=67427"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/67428"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=67427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=67427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=67427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Companies\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-04\/019d4a27-34cd-77d6-91a9-8ab430e11a35.png\")
MARA also sells BTC in March as market rout continues<\/h2>\n
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