Diamond Hands? More Like Paper Clips: Nakamoto Joins the DAT Dumpster Fire as Analyst Warns of Contagion

Bitcoin treasury company Nakamoto is apparently having a change of heart about those sweet, sweet BTC hodlings, and if market analyst Nic Puckrin is right, this might be the opening act of a spectacular crypto treasury implosion. The concern? A contagion that could cascade through digital asset treasuries faster than a degen chasing the next meme coin airdrop.

"Cracks are beginning to show in the digital asset treasury (DAT) market," Puckrin said, adding that geopolitical tensions will likely place further pressure on Bitcoin's price and treasury companies in a reinforcing cycle. Because nothing says "fun Tuesday" like watching your BTC bag turn into a bag of very late potatoes. "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."

Nakamoto sold 284 BTC in March for $20 million, implying a price of about $70,000 per coin. For those doing math at home, that's basically selling your Sats at the exact moment when holding seemed like the entire point of being in crypto. The company also reduced its stake in the publicly traded Bitcoin treasury company Metaplanet, selling shares at a loss—because apparently diamond hands are so 2021.

At the end of 2025, the company valued its 5,342 BTC treasury at