Bitcoin Treasury Sell-Off Sparks Fears of Crypto Contagion

Nakamoto Holdings’ sale of Bitcoin at a steep loss in March 2026 has intensified scrutiny of the Digital Asset Treasury (DAT) model, as declining prices pressure balance sheets across firms holding large BTC reserves.

The company sold 284 BTC for about US$20M (AU$29M), at an average price of US$70,422 (AU$102,112) per coin, according to its SEC Form 10-K filing. Compared with its average acquisition cost of US$118,171 (AU$171,348), the transaction locked in a loss of roughly 40% per BTC. 

Proceeds were allocated to operating reserves, strategic initiatives, integration efforts, and interest payments tied to a Kraken loan.

The sale accounted for about 5.3% of Nakamoto’s 5,342 BTC treasury at the end of 2025, which had a book value of US$467.5M (AU$677.88M). That position had previously peaked at US$711M (AU$1.03B) in October 2025 when Bitcoin traded near US$126,000. 

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Bitcoin Closes Q1 in Extreme Fear

Selling pressure is gripping the entire market, and MARA Holdings reported selling 15,133 BTC worth more than US$1B (AU$1.45B) in March to retire convertible debt. 

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

Mining costs average around US$89,000 per BTC, above current spot levels. Strategy holds 761,068 BTC at an average cost of US$75,696 (AU$109,759), leaving its position below cost basis. 

The company reported an unrealised loss of about US$17.4B (AU$25.29B) and carried more than US$8.2B (AU$11.89B) in debt, while its net asset value premium narrowed sharply in March.

Read more: Bitcoin Stress Spikes as Nearly Half of Supply Falls Into Loss

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