Bitcoin Firm Nakamoto Plots 1-for-40 Stock Split Following 99% Price Plunge
Nakamoto (NAKA), a publicly traded Bitcoin treasury firm, will implement a 1-for-40 reverse stock split after shareholder approval, aiming to raise its share price above $1 to comply with Nasdaq’s minimum bid requirement. The firm’s shares recently hit a new all-time low, dropping to $0.145, and remain over 99.5% below their 52-week high of $34.77, following a reported $239 million Q1 loss tied to declining Bitcoin prices. After the split, outstanding shares will decrease from 696.1 million to 17.4 million, effective May 22. Nakamoto holds over 5,000 Bitcoin worth more than $388 million and has sold BTC in each of the last two quarters, unloading around $20 million in Q4 and $22 million in Q1. Bitcoin recently traded at about $77,927, up 1.6% in a day and over 2% in a month, but still 38% below its October peak.
