TLDR
- NAKA is down more than 10% on Wednesday and has fallen nearly 67% year-to-date.
- The company completed a 1-for-40 reverse stock split on May 22 to avoid Nasdaq delisting.
- The split reduced outstanding stock from ~696 million to ~17.4 million.
- NAKA hit an all-time low of $4.70 following the reverse split.
- The stock is down over 99% from its May 2025 peak of ~$34 per share.
Nakamoto (NAKA) has continued its sharp decline, falling more than 10% on Wednesday after completing a 1-for-40 reverse stock split last Friday. The stock hit an all-time low of $4.70 shortly after the split took effect, and is now down nearly 67% year-to-date.
Before the reverse split, NAKA had collapsed more than 99% from its May 2025 peak of around $34 per share, reaching a low of about $0.16 in April.
The reverse split became effective at 12:01 a.m. ET on May 22. Under the terms, every 40 pre-split stock were combined into one. Outstanding stock dropped from roughly 696 million to about 17.4 million.
Nakamoto said authorized stock and par value remained unchanged, and holders kept proportionate voting rights.
The move was driven by a Nasdaq warning issued in December. The exchange flagged Nakamoto for trading below the $1 minimum bid price for at least 30 consecutive days, putting its listing at risk.
The company holds 5,058 Bitcoin, ranking it as the 20th largest publicly traded BTC treasury firm according to Bitcoin Treasuries data.
Investor Reaction Stays Negative
The market’s response to the reverse split has been muted at best. The stock fell to an all-time low immediately after the split, suggesting investors remain focused on dilution risk and balance sheet pressure.
CoinDesk previously reported that Nakamoto also registered more than 400 million stock for resale and outlined up to roughly $7 billion in potential future securities issuance — details that have weighed on sentiment.
Cointelegraph reached out to NAKA for comment but did not receive a response by the time of publication.
How NAKA Compares to Peers
NAKA has underperformed the broader Bitcoin treasury sector by a wide margin.
Strategy (MSTR), the largest publicly traded BTC holder, is up about 2.5% year-to-date and trading near $155 per share.
Strive Asset Management (ASST) is up over 20% YTD, last seen around $17.72.
Twenty-One Capital (XXI), the second-largest publicly traded BTC treasury with 43,514 coins, is down more than 17% YTD but trades around $7.26.
Venture firm Pantera Capital forecast in January that 2026 would bring consolidation across the digital asset treasury space. “2026 will see brutal pruning. In each major asset class, only one or two players will dominate. Everyone else gets acquired or left behind,” their analysts wrote.
Nakamoto recorded a net loss in Q1 despite sixfold revenue growth, as previously reported.
The stock is currently trading near all-time lows following the reverse split.
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