Nakamoto Bitcoin Sale Sparks Fears of DAT Market Contagion

Market analyst Nic Puckrin has raised concerns that the Bitcoin treasury company Nakamoto’s recent BTC sale could trigger a wave of forced selling across the digital asset treasury (DAT) sector. Puckrin suggests that this move might signal the beginning of a 'contagion' effect, where more crypto treasury companies may follow suit, exacerbating downward pressure on Bitcoin prices. Nakamoto sold 284 BTC in March for $20 million, indicating a price of approximately $70,000 per coin, and also reduced its stake in Metaplanet at a loss. The company’s 10-K filing with the SEC revealed a $166.1 million loss on its digital asset holdings in the fourth quarter of 2025, as the value of its 5,342 BTC treasury was recorded at $467.5 million. The DAT sector experienced a collapse in net asset value premiums during Q3 2025, with stock prices declining even before the crypto market crash in October 2025, which led to a prolonged bear market and falling digital asset prices. 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, emphasized that the sale is a short-term tactical move and does not indicate a fundamental shift in the company’s BTC treasury strategy. Puckrin further noted that ongoing geopolitical tensions, particularly the war in the Middle East, could reinforce the downward spiral of Bitcoin prices and treasury companies, creating a reinforcing cycle of financial stress. The crypto market remains sensitive to large-scale sales, and the actions of major players like Nakamoto and MARA could have significant ripple effects. Investors and market participants are closely watching for further signs of distress or stability in the DAT sector, as the potential for broader contagion looms.