Nakamoto $20M Bitcoin Sale at Loss Raises DAT Contagion Concerns

Analyst Warns of Treasury Sector Stress as Firms Liquidate BTC and Equity Holdings

TL;DR

• Nakamoto sold 284 BTC for $20 million at a loss while cutting its Metaplanet stake.
• Analyst Nic Puckrin warns of potential “DAT contagion” across crypto treasury firms.
• Broader market strain includes $166.2 million crypto losses and MARA selling 15,133 BTC.

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Nakamoto, formerly KindlyMD, sold 284 Bitcoin in March 2026 for approximately $20 million, implying a crypto price near $70,400 per coin based on COIN360 data within the broader crypto price index. The transaction was executed below the company’s year-end 2025 valuation of $87,519 per BTC and significantly under its average acquisition cost of $118,171, resulting in an estimated realized loss between $13 million and $14 million, according to regulatory disclosures.

Company filings show Nakamoto’s Bitcoin holdings declined from 5,342 BTC at the end of 2025 to about 5,058 BTC following the sale, after previously reaching a peak treasury valuation of more than $711 million in October 2025 when Bitcoin traded at an all-time high of about $126,000. The company stated, “We plan to use the proceeds to invest further in our businesses as well as replenish our working capital for costs associated with the recent Mergers,” outlining how funds would be allocated.

Nakamoto also reduced its position in Metaplanet by selling 5 million shares for roughly $11.1 million at about $2.22 per share, compared with an earlier purchase of 8 million shares at $3.75 totaling around $30 million. The investment had already recorded an unrealized loss of $9.29 million by the end of 2025, reducing its carrying value to $20.7 million prior to the sale.

Financial disclosures detail broader strain, including a $166.2 million fair-value loss tied to crypto holdings during 2025 and a net loss of $52.2 million for the year as Bitcoin traded below the firm’s cost basis across reporting periods. The company is restructuring operations, winding down legacy healthcare activities while pivoting toward Bitcoin-focused business lines following an all-stock acquisition valued at approximately $107.3 million involving BTC Inc. and UTXO Management.

Market data shows Nakamoto shares have fallen 40% year-to-date and 80% over six months, trading near $0.21 compared with levels above $30 in mid-2025, while the company received a Nasdaq notice for failing to maintain a minimum bid price of $1 for 30 consecutive business days.

Market analyst Nic Puckrin said, “Cracks are beginning to show in the digital asset treasury (DAT) market,” adding that geopolitical pressures including conflict in the Middle East could weigh further on prices and treasury firms. He said, “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.”A

Sector-wide data shows crypto treasury companies experienced a collapse in net asset value premiums during Q3 2025, with stock prices declining ahead of a broader market downturn in October 2025 that led to a prolonged decline in digital asset prices and shifts in the coin market cap landscape.

MARA disclosed it sold 15,133 Bitcoin in March valued at more than $1 billion to repurchase and retire approximately $1 billion in convertible debt, according to a filing. Robert Samuels said, “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,” describing the move as a tactical decision rather than a change in treasury strategy.

This article has been refined and enhanced by ChatGPT.