Bitcoin treasury company Nakamoto falls nearly 67% YTD after reverse stock split
Nakamoto shares fell more than 10% after a 1-for-40 reverse split, leaving the Bitcoin treasury firm down about 67% YTD.
Intelligence analysis by GPT-5.4 Mini
Nakamoto, a Bitcoin treasury company holding 5,058 BTC, is under pressure even after a 1-for-40 reverse split meant to keep it Nasdaq-compliant. The stock is down about 67% this year and more than 99% from its May 2025 high, underscoring weakness across parts of the treasury sector.
Nakamoto is a company that keeps a lot of bitcoin on its books. Even after changing its shares into fewer, bigger pieces, its stock still fell hard.
Think of it like a store that rearranges all the price tags so they look neater, but people still do not want to buy the store’s stuff. The label changed, but the worry did not go away.
The story matters because it shows that not every bitcoin-based company is doing well. Bigger companies are holding up better, while smaller ones may have a tougher road ahead.
Analysis
What happened
Nakamoto (NAKA) fell more than 10% on Wednesday, just days after completing a 1-for-40 reverse stock split. The company said the split was meant to keep it in line with Nasdaq listing rules after the exchange warned in December that its shares could be delisted for trading below $1 for at least 30 consecutive days, according to an SEC filing.
The stock is down about 67% year to date and more than 99% from its May 2025 peak of roughly $34 per share. Before the reverse split, NAKA had touched about $0.16 in April. The company said the split reduced outstanding shares to about 17.4 million from about 696 million.
Sector context
Nakamoto owns 5,058 bitcoin, which places it as the 20th largest publicly traded Bitcoin treasury company by BTC holdings, according to Bitcoin Treasuries. Even so, the company has lagged other names in the space. Strategy, the largest public BTC treasury company by holdings, is up about 2.5% YTD. Twenty-One Capital is down more than 17% YTD, while Strive Asset Management is up more than 20%.
Cointelegraph said it reached out to Nakamoto for comment and had not received a response by publication time. The article also cites Pantera Capital’s view that 2026 could bring consolidation in digital asset treasury companies, with larger firms absorbing smaller ones or leaving them behind.
Why it matters
The move highlights the strain on smaller public Bitcoin treasury firms. Holding BTC has not been enough to protect Nakamoto’s share price, and the reverse split shows how close the company came to a listing problem while the sector remains under pressure.
Key points
- Nakamoto fell more than 10% on Wednesday after a 1-for-40 reverse stock split.
- The company is down about 67% year to date and more than 99% from its May 2025 peak.
- Nasdaq had warned the company it could be delisted for trading below $1 for 30 straight days.
- Nakamoto holds 5,058 bitcoin and ranks as the 20th largest public BTC treasury company.
- The article points to possible consolidation in the digital asset treasury sector in 2026.
