Analyst Nic Puckrin warns that Nakamoto's recent Bitcoin sale could trigger forced selling across crypto treasury firms, as Bitcoin prices remain weak.
Nakamoto, a Bitcoin treasury company, sold 284 BTC in March for $20 million, at an average price of about $70,000 per coin, amid declining market conditions.
Market analyst Nic Puckrin stated that this sale could indicate the start of a contagion in the digital asset treasury (DAT) sector, potentially leading to more forced selling by similar companies.
Recent Market Pressures on Crypto Treasuries
Nakamoto's Bitcoin holdings peaked at over $711 million in October 2025 when Bitcoin reached an all-time high of about $126,000, but by the end of 2025, their 5,342 BTC were valued at $467.5 million, resulting in a $166.1 million loss as reported in their SEC filing.
The crypto treasury sector experienced a collapse in net asset value premiums during the third quarter of 2025, with stock prices declining even before the October 2025 market crash that triggered a prolonged bear market.
Bitcoin mining company MARA sold 15,133 BTC in March, valued at over $1 billion, to repurchase and retire convertible debt, according to their SEC filing.
MARA's vice president for investor relations, Robert Samuels, described the sale as a short-term tactical move and not a shift in their overall Bitcoin treasury strategy, emphasizing that such actions depend on market conditions and capital priorities.
Puckrin added that ongoing Bitcoin price weakness, possibly exacerbated by the Middle East conflict, could push prices below $70,000 and into a range of $55,700 to $58,200 in the coming weeks, further pressuring DAT companies.