Nakamoto Inc. started trading at a historic low of $4.70 on May 22, 2026, coinciding with its 1-for-40 reverse stock split. This significant price drop captures the dire state of a company that had once enjoyed valuations between $29 and $34 per share in 2025, illustrating that share consolidation could not alter its financial reality.
The reverse stock split, implemented at 12:01 a.m. ET, reduced the company's outstanding common shares from approximately 696.1 million to about 17.4 million shares, while maintaining its Nasdaq ticker symbol NAKA. This change was primarily driven by Nasdaq's requirement for listed companies to uphold a minimum bid price of $1.00 per share. Before the split, Nakamoto shares were trading between $0.17 and $0.22.
Shareholder approval for the reverse split was granted during a special meeting held on May 8, 2026. If we multiply the pre-split low of $0.17 by 40, the theoretical post-split price would be $6.80; conversely, $0.22 times 40 gives $8.80. However, with the stock opening at only $4.70, it indicates that selling pressure persisted throughout the transition.
#How Significant is the 99% Decline?
The decline in Nakamoto’s stock price is staggering, having plummeted over 99% from its high in 2025. A current price of $4.70 adjusts to roughly $0.12 per share when considering the reverse split. Nakamoto describes itself as a Bitcoin infrastructure and treasury company, effectively serving as a public entity for holding Bitcoin and fostering Bitcoin-related ventures across various sectors, including finance and media. The firm currently holds around 5,058 Bitcoin valued at approximately $383 million. With only 17.4 million promised shares post-split, this Bitcoin reserve alone suggests an underlying asset value exceeding $22 per share.
#What Governance Changes Are Happening?
In conjunction with the reverse split, Tyler Evans, the firm’s Chief Investment Officer, has been named as a director, expanding the board to seven members.
#What Are the Implications for Investors?
The trading price of $4.70 signals that the market is largely skeptical about Nakamoto’s potential to realize its asset value. Factors such as significant dilution risk may also be woven into this pricing.
Traders should monitor the situation closely to see whether Nakamoto can remain above the Nasdaq's $1.00 minimum bid requirement during the compliance period. If the price ultimately falls below that threshold, a delisting scenario could become a reality.
The company's performance is closely linked to Bitcoin's market trajectory. A substantial rally in Bitcoin could enhance the appeal of Nakamoto’s 5,058 BTC treasury. On the other hand, if Bitcoin experiences stagnation or decline, Nakamoto, already valued lower than its net asset value, will face an even narrower margin for success.