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Nakamoto sold 284 Bitcoin on the last day of March just to keep the lights on. That detail, buried in the company’s first-quarter financial results, tells the story of where one of the country’s Bitcoin treasury companies now stands.
A Company Running Low On Options?
The Bitcoin accumulation strategy that once drove Nakamoto’s stock above $25 a share has given way to something far less glamorous — selling Bitcoin to cover operating costs.
The company reported a net loss of $238 million for the first quarter of the year, with more than $102 million of that tied to a drop in the value of its Bitcoin holdings after the cryptocurrency fell 20% during the quarter. Revenue jumped 500% quarter over quarter, but the losses swamped those gains.
Nakamoto holds 5,058 Bitcoin, making it the 20th largest corporate Bitcoin holder in the world, just behind ProCap Financial.
Michael Saylor’s Strategy sits at the top of that list with more than 843,000 Bitcoin on its balance sheet — a gap that makes clear how far down the pecking order Nakamoto falls.
Following Stockholder Approval, Nakamoto Announces 1-for-40 Reverse Stock Split to be Effective May 22, 2026
Read the full announcement here: https://t.co/AnqTXttIMQ
— Nakamoto (@nakamoto) May 20, 2026
Racing The Clock On Nasdaq
The company is now focused on a more immediate problem: staying listed on the Nasdaq. Last December, Nasdaq sent Nakamoto a warning after its stock price dropped below $1 for 30 straight trading days.
The deadline to fix that is June 8, and the fix the company has chosen is a 1-for-40 reverse stock split, set to take effect Friday.
The move was approved by shareholders at a special meeting earlier this month. Under the plan, every 40 shares get combined into one, shrinking the total share count from 696 million down to 17.4 million.
The stock closed at 16 cents Wednesday — down 7.5% for the day and more than 99% below where it traded a year ago.
A reverse split does not change a company’s overall market value. It is a structural adjustment designed to push the price per share above a listing threshold.
Consolidation Ahead For The Sector
Nakamoto’s troubles are not unique. Reports indicate that crypto treasury companies broadly have been in a downturn since 2025, with many trading below the value of the assets on their books.
Some have begun selling their Bitcoin holdings to pay down debt. One company, Genius Group, liquidated its entire 84 Bitcoin reserve in February for that purpose.
Featured image from Unsplash, chart from TradingView
