Analyst warns Nakamoto's Bitcoin liquidation may trigger widespread DAT crisis
Nakamoto's Bitcoin treasury holdings reached a peak valuation exceeding $711 million during October 2025, coinciding with Bitcoin's record price of approximately $126,000.
Market analyst Nic Puckrin suggests that Nakamoto (NAKA), a Bitcoin (BTC) treasury firm, disposing of its BTC holdings at a deficit may indicate surrender among additional cryptocurrency treasury enterprises and mark the beginning of a "contagion" potentially triggering widespread compulsory liquidations.
According to Puckrin, "Cracks are beginning to show in the digital asset treasury (DAT) market," with the analyst noting that ongoing Middle Eastern conflict will probably apply additional downward force on Bitcoin's valuation and treasury enterprises through a self-reinforcing pattern. His statement included:
"Price is likely to remain below $70,000 for some time and could fall further to a range around $55,700-$58,200 in the coming weeks. This ongoing weakness would put further pressure on DATs, which could in turn exacerbate the sell-off."
During March, Nakamoto liquidated 284 BTC for $20 million, suggesting an approximate value of $70,000 per individual coin; the firm additionally decreased its ownership position in Metaplanet, a publicly listed Bitcoin treasury enterprise, disposing of shares below their purchase price.
Based on the company's 10-K filing submitted to the Securities and Exchange Commission (SEC), Nakamoto assessed its 5,342 BTC treasury at $467.5 million as of year-end 2025 and documented a $166.1 million loss on the fair value assessment of its digital asset portfolio during the fourth quarter.
Throughout Q3 2025, the cryptocurrency treasury industry experienced a deterioration in net asset value premiums, with equity valuations declining prior to the October 2025 crypto market crash, an event that initiated an extended bear market characterized by falling digital asset valuations.
MARA also sells BTC in March as market rout continues
Bitcoin mining enterprise MARA similarly liquidated 15,133 Bitcoin during March, representing a value exceeding $1 billion, for the purpose of repurchasing and retiring approximately $1 billion in convertible debt instruments.
According to Robert Samuels, MARA's vice president for investor relations, the divestment does not represent a fundamental transformation in the company's BTC treasury approach, but rather constitutes a near-term tactical decision.
Samuels stated, "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."