Nakamoto (NAKA) is down more than 10% on Wednesday, days after the Bitcoin treasury company completed a 40-to-1 reverse stock split to maintain compliance with Nasdaq stock exchange listing standards.
NAKA stock is down about 67% year-to-date (year-to-date) and more than 99% from its peak in May 2025 (about $34 per share), reaching a low of about $0.16 per share in April before Friday’s reverse stock split.
Nasdaq warned the company in December that it would be delisted if its stock traded below $1 for at least 30 consecutive days, according to a filing with the Securities and Exchange Commission.
According to the company, the number of outstanding shares decreased from approximately 696 million shares to approximately 17.4 million shares as a result of the reverse stock split.
NAKA stock has fallen nearly 67% since the beginning of the year. sauce: Yahoo Finance
Cointelegraph reached out to NAKA for comment, but did not receive a response by the time of publication.
NAKA’s decline in value occurred amidst a significant downturn in the Bitcoin treasury sector that began in 2025. However, the company has also underperformed industry leaders such as Strategy (MSTR), Twenty-One Capital (XXI), and Strive Asset Management (ASST).
$BTC Financial companies are showing signs of recovery, but the market remains tough
Strategy is the largest Bitcoin treasury company measured by size. $BTC is up about 2.5% year-to-date, trading at about $155 per share.
Twenty One Capital, No. 2 listed company $BTC Treasury, which holds 43,514 coins, is down more than 17% year-to-date, trading at about $7.26 per share.
Current distribution of publicly traded Bitcoins $BTC Finance companies, private companies, government agencies, investment funds. sauce: Bitcoin government bonds
Strive is also up more than 20% year-to-date, and was last trading at about $17.72 per share.
According to venture firm Pantera Capital, consolidation in the digital asset treasury space is likely to occur in 2026, with larger companies cannibalizing smaller companies.
Pantera analysts predicted in January that “there will be a brutal shakeout in 2026. Only one or two will dominate each major asset class. The rest will be bought out or left behind.”
