Nakamoto Bitcoin sale could signal industry-wide DAT contagion: Analyst

The value of the Bitcoin treasury company's holdings peaked at over $711 million in October 2025, when BTC hit an all-time high of about $126,000.

Bitcoin (BTC) treasury company Nakamoto (NAKA) selling its BTC at a loss could signal capitulation of more crypto treasury companies and the start of a “contagion” that could spark a wave of forced selling, according to market analyst Nic Puckrin.

"Cracks are beginning to show in the digital asset treasury (DAT) market,” Puckrin said, adding that the war in the Middle East will likely place further pressure on Bitcoin’s price and treasury companies in a reinforcing cycle. He said:

Nakamoto sold 284 BTC 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. 

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’s 10-K filing with the Securities and Exchange Commission (SEC). 

The crypto treasury sector saw a collapse in net asset value premiums 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.

Related: Bitcoin miners offload 15K BTC since October, with more sales expected

Bitcoin mining company MARA also sold 15,133 Bitcoin in March, valued at over $1 billion, to repurchase and retire about $1 billion in convertible debt.

MARA’s vice president for investor relations, Robert Samuels, said the sale does not signal a core shift in the company’s BTC treasury strategy, but is a short-term tactical move. 

“We 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,” Samuels said.

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Source: CoinTelegraph