Nakamoto stock tumbles after 1-for-40 split, 67% YTD

Nakamoto’s stock fell more than 10% on Wednesday after the company completed a 1-for-40 reverse stock split last Friday to comply with Nasdaq’s minimum $1 bid-price requirement. The shares are down about 67% year-to-date.

The reverse split cut outstanding shares to roughly 17.4 million from about 696 million, according to a Securities and Exchange Commission filing. Nasdaq notified Nakamoto in December that its shares were at risk of delisting after trading below $1 for 30 consecutive days.

Before the split, Nakamoto’s price had fallen from a May 2025 peak near $34 to about $0.16 in April, a drop of more than 99% from the high. Recent trading extended volatility that began before the consolidation.

The bitcoin treasury sector entered a downturn in 2025. Larger publicly traded firms have posted varied results: MicroStrategy is up about 2.5% year-to-date and trading near $155 per share; Twenty-One Capital is down over 17% and trading around $7.26; Strive Asset Management is up more than 20% and trading near $17.72.

Analysts at Pantera Capital forecast, ‘2026 will see brutal pruning. In each major asset class, only one or two players will dominate. Everyone else gets acquired or left behind.’

Nakamoto reported a net loss in the first quarter despite a sixfold increase in revenue. The company did not respond to a request for comment. Market data show the stock was volatile both before and after the split.

The reverse split consolidated every 40 existing shares into one new share and increased the nominal per-share price by the same ratio. The company remains subject to Nasdaq’s ongoing listing standards and reporting obligations.