Bitcoin (BTC) treasury company Nakamoto (NAKA) has sold its BTC at a loss, potentially signalling the capitulation of more crypto treasury companies. The move comes after Nakamoto sold 284 BTC in March for $20 million, and reduced its stake in the publicly traded Bitcoin treasury company Metaplanet by selling shares at a profit. 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 of 2025. Market analyst Nic Puckrin warned that the war in the Middle East could further put further pressure on Bitcoin’s price and treasury companies in a reinforcing cycle.