• Nakamoto Holdings (NAKA) offered 284 BTC in March 2026 for ~US$20M realising a ~40% loss in opposition to its common acquisition value of US$118,171 per coin.
  • MARA Holdings individually offered over 15,133 BTC value greater than US$1B in March to retire convertible debt, with MARA and Riot Platforms every declining double-digits on March 19 as BTC fell beneath US$72,000.
  • Analysts warn of a self-reinforcing cycle during which falling Bitcoin costs strain Digital Asset Treasury companies into promoting, which in flip deepens BTC’s decline.

Nakamoto Holdings’ sale of Bitcoin at a steep loss in March 2026 has intensified scrutiny of the Digital Asset Treasury (DAT) mannequin, as declining costs strain steadiness sheets throughout companies holding giant BTC reserves.

The corporate sold 284 BTC for about US$20M (AU$29M), at a mean value of US$70,422 (AU$102,112) per coin, in accordance with its SEC Kind 10-Ok submitting. In contrast with its common acquisition value of US$118,171 (AU$171,348), the transaction locked in a lack of roughly 40% per BTC. 

Proceeds have been allotted to working reserves, strategic initiatives, integration efforts, and curiosity funds tied to a Kraken mortgage.

The sale accounted for about 5.3% of Nakamoto’s 5,342 BTC treasury on the finish of 2025, which had a ebook worth of US$467.5M (AU$677.88M). That place had beforehand peaked at US$711M (AU$1.03B) in October 2025 when Bitcoin traded close to US$126,000. 

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Bitcoin Closes Q1 in Excessive Concern

Promoting strain is gripping all the market, and MARA Holdings reported promoting 15,133 BTC value greater than US$1B (AU$1.45B) in March to retire convertible debt. 

The transfer was described as tactical, however coincided with market declines, with MARA shares falling 11% and Riot Platforms dropping 14% on March 19, when Bitcoin slipped beneath US$72,000.

Mining costs common round US$89,000 per BTC, above present spot ranges. Technique holds 761,068 BTC at a mean value of US$75,696 (AU$109,759), leaving its place beneath value foundation. 

The corporate reported an unrealised lack of about US$17.4B (AU$25.29B) and carried greater than US$8.2B (AU$11.89B) in debt, whereas its web asset worth premium narrowed sharply in March.

Learn extra: Bitcoin Stress Spikes as Nearly Half of Supply Falls Into Loss

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