Nakamoto Holding’s share price has plunged more than 98% from its all-time high in May. The drop stemmed from its $563 million private investment in public equity (PIPE) deals, which triggered heavy selling by investors.
The Bitcoin treasury firm’s financing model sold heavily discounted shares to private investors to fund Bitcoin purchases, which massively diluted existing shareholders. The deal flopped after the launch of a large batch of PIPE shares for sale in September.
The firm’s CEO, David Bailey, confirmed that sell orders flooded the market, causing the stock price to plummet and erasing billions in market value. He had also urged investors, through a letter to shareholders, to exit the stock if they were just there for a short-term flip.
Bailey framed the drop as part of a long-term play. He stated in a recent interview with Forbes that people who are just looking for a trade are expensive capital to the company. The tech executive also called for long-term alignment with partners.
Bailey revealed that Nakamoto Holdings plans to consolidate several of its other ventures, including Bitcoin Magazine, the Bitcoin conference, and UTXO Management, which owns the hedge fund 210k Capital, to boost cash flow. He also believes the initiative will position the firm as a Bitcoin-first conglomerate.
Nakamoto Holdings holds 5,765 Bitcoin in its balance sheet, worth around $653 million, according to data from BitcoinTreasuries. The Bitcoin treasury firm’s holdings make it the 19th largest public holder of BTC.
The firm’s share price remains at a steep discount relative to its Bitcoin holdings. At the time of publication, Nakamoto’s stock (NAKA) is trading at around $0.9480, a drop from its May high of nearly $35.
In May, Nakamoto Holdings merged with KindlyMD, a healthcare services provider, to establish a BTC treasury. Bailey revealed plans for the company to develop an ecosystem of Bitcoin-native companies, including media, advisory, and financial services, all focused on accelerating Bitcoin adoption and utility.
Bailey added that the firm aims to bring Bitcoin to the center of global capital markets by integrating into preferred shares, equity, debt, and newly hybrid structures. He also revealed that the company’s mission is to list such instruments on every major exchange worldwide. Bailey also swore in early September that he was all in on Bitcoin.
Michael Saylor’s Bitcoin Treasury Strategy continues to gain momentum, reporting a net income of $2.8 billion for the third quarter of 2025. The firm has improved from a $340 million loss the previous year. The BTC Treasury firm recorded losses until the fourth quarter of 2024 due to the drop in Bitcoin’s price.
Strategy also reaffirmed its full-year guidance of $34 billion in operating income and $20 billion in Bitcoin gains. The company is currently the world’s largest corporate Bitcoin holder, with 640,808 BTC in its holdings, worth approximately $47.44 billion, driven by President Donald Trump’s focus on the crypto sector.
At the time of publication, Bitcoin is currently trading at $109,816, representing a 1% increase for the day. The digital asset has also dropped by more than 1.2% in the last 7 days and plummeted by roughly 4.27% in the last 30 days.
Saylor forecasts that Bitcoin’s price will reach $150 K by the end of the year. He argued that the surge will be driven by diminishing volatility and a clearer market structure. The Bitcoin bull also revealed that his long-term prediction is about 30% a year for the next 20 years as the firm approaches $20 million in Bitcoin.
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