{"id":11034,"date":"2025-09-17T18:53:18","date_gmt":"2025-09-17T18:53:18","guid":{"rendered":"https:\/\/bitunikey.com\/news\/nakamoto-stock-is-95-down-from-its-ath-whats-happening\/"},"modified":"2025-09-17T18:53:22","modified_gmt":"2025-09-17T18:53:22","slug":"nakamoto-stock-is-95-down-from-its-ath-whats-happening","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/nakamoto-stock-is-95-down-from-its-ath-whats-happening\/","title":{"rendered":"Nakamoto stock is 95% down from its ATH. What\u2019s happening?"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<div id=\"cn-block-summary-block_1147c6403311e4680a9ba28959796a16\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Nakamoto is one of the most hyped Bitcoin treasury companies spawned in 2025. Despite the media presence, its stock is down around 95% since its all-time high.<\/li>\n<li>The major 50% drop followed the unlocking of the PIPE investors\u2019 holdings and a letter to shareholders urging short-term investors to exit.<\/li>\n<li>While many experts have been warning about the risks associated with Bitcoin treasury companies, Nakamoto\u2019s price crash is the toughest nosedive in the sector so far.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p class=\"is-style-lead\">David Bailey\u2019s Nakamoto is one of the best-recognized Bitcoin treasuries. Shares traded at over $30 at the peak in May, but ever since, the NAKA price has been rolling down the hill. On Sep. 15, 2025, Bailey released a letter to shareholders warning about upcoming volatility and urged uncertain shareholders to exit. The same day, NAKA price plunged from $2.5 to $1.2.\u00a0\u00a0<\/p>\n<h2 class=\"wp-block-heading\">The NAKA price plunge<\/h2>\n<p>David Bailey is Bitcoin Magazine chairman, BTC Inc. CEO, and a person who advised Donald Trump on Bitcoin during the latter\u2019s presidential campaign of 2024.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today was a historic moment in our journey towards hyperbitcoinization. The former and next President of the United States gathered America\u2019s hashrate and committed to championing our cause in DC and on the global stage. Bitcoin will THRIVE in \ud83c\uddfa\ud83c\uddf8<\/p>\n<p>Orange Man+Orange Coin= Good <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/YhfzoJg19g\">pic.twitter.com\/YhfzoJg19g<\/a><\/p>\n<p>\u2014 David Bailey\ud83c\uddf5\ud83c\uddf7 $1.0mm\/btc is the floor (@DavidFBailey) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/DavidFBailey\/status\/1800680156694237280?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">June 12, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>In May 2025, Bailey raised $300 million and launched Nakamoto, a public company focused on purchasing bitcoins in bulk and selling shares. As other similar Bitcoin treasury companies (BTCTCs) promise, their stock (NAKA) is supposed to have a better yield than Bitcoin itself. In the time following the launch, Nakamoto purchased 5,765 bitcoins, which secured the company the 16th position in the list of the biggest Bitcoin treasuries.<\/p>\n<p>Shortly after the launch, the NAKA price peaked at $34 and then began to slide slowly. Starting in June, it traded below $15. The price fell below $5 by September. In August, Nakamoto Holdings merged with a healthcare public company, KindlyMD. In the Securities and Exchange Commission <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1946573\/000121390025080492\/ea025444601ex99-6_kindly.htm\" target=\"_blank\" rel=\"nofollow\">filing<\/a>, it is outlined that yield from Bitcoin holdings will benefit KindlyMD. It is possible only if the BTC price appreciation covers the costs. Yet, the company lost money due to buying most of its BTC at a high price of over $118,000.<\/p>\n<p>Following the merger, PIPE Investors started to dump shares, bringing the NAKA price lower. The price had a short-term surge following the announcement that Nakamoto subsidiary KindlyMD will invest $30 million in another declining Bitcoin treasury, Metaplanet. The letter to the shareholders <a rel=\"nofollow\" target=\"_blank\" target=\"_blank\" href=\"https:\/\/x.com\/DavidFBailey\/status\/1967548250212254047\" rel=\"nofollow\">released<\/a> on Sep. 15 resulted in an over 50% NAKA price crash or 95% decline from the all-time high.<\/p>\n<p>The letter contains the following segment:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe foundation we build over the next few weeks and months will propel our strategy forward, for those that want to be part of it. For those shareholders who have come looking for a trade, I encourage you to exit. This transition may represent a point of uncertainty for investors, and we look forward to emerging on the other side with alignment and conviction amongst our backers.\u201d\u00a0<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Immediate reaction<\/h2>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A lot of FUD on <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24NAKA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">$NAKA<\/a> and <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/DavidFBailey?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">@DavidFBailey<\/a> for the unlock causing the share price to drop.<\/p>\n<p>Congratulations to you on celebrating a market that was irrational before it happened.<\/p>\n<p>At the end of the day <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/nakamoto?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">@nakamoto<\/a> was likely able to take advantage of their $5B ATM to open market sell\u2026<\/p>\n<p>\u2014 FarmerJoe \ud83c\udf0e\u262e\ufe0f (@FarmerJoe0x) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/FarmerJoe0x\/status\/1967951694139891775?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">September 16, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>The FUD over Nakamoto has struck the crypto X. Understandably, many BTCTC sceptics have voiced their criticisms of Strategy-like companies whose only purpose is selling stocks to buy more Bitcoin. One of them, a crypto sleuth using the Pledditor handle, even posted the list of Nakamoto PIPE investors. He has made a <a rel=\"nofollow\" target=\"_blank\" target=\"_blank\" href=\"https:\/\/x.com\/Pledditor\/status\/1967631555469402175\" rel=\"nofollow\">short list<\/a> of big names in the Bitcoin community who bought lots of NAKA, ranking them by the number of shares purchased. It includes Metaplanet CEO Simon Gerovich, Casa CTO Jameson Lopp, former Coinbase CTO Balaji Srinivasan, Blockstream CEO Adam Back, former Bitwise manager turned ProCap BTC CIO Jeff Park, and others. Some <a rel=\"nofollow\" target=\"_blank\" target=\"_blank\" href=\"https:\/\/x.com\/1hmle\/status\/1967650117005238565\" rel=\"nofollow\">blamed<\/a> them for supporting Nakamoto. According to Pledditor, some of the Bitcoin podcasters who claimed they were PIPE investors are not on the list. It raises questions about the methods used to promote NAKA.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There&#8217;s some bitcoin podcasters who are on record saying they bought PIPE, and aren&#8217;t named on the list. I imagine many of the weird LLC names probably belong to them. <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/LypEMWRXyl\">https:\/\/t.co\/LypEMWRXyl<\/a><\/p>\n<p>\u2014 Pledditor (@Pledditor) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pledditor\/status\/1967669241353736683?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">September 15, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>However, it\u2019s safe to say that criticism was paired with the words of support. Some saw the situation as a buying opportunity and claimed they bought more NAKA at a discount. They attributed the sharp downfall to an unlock for PIPE investors. As of Sep. 16, the price rose to $1.5.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The entire treasury sector is being tested, and rightfully so. Toxic financing, failed altcoins rebranded as DATs, too many failed companies with no plan or vision. It\u2019s totally muddled the narrative. The treasury company moniker itself is confusing.<\/p>\n<p>The bitcoin treasury company\u2026<\/p>\n<p>\u2014 David Bailey\ud83c\uddf5\ud83c\uddf7 $1.0mm\/btc is the floor (@DavidFBailey) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/DavidFBailey\/status\/1966999156515541120?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">September 13, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Bailey has been active on X in the days before and following the crash. In one of the posts before the crash, he expressed disdain for digital asset treasuries built around altcoins (lately, some of them have been doing way better than Nakamoto). He suggested that the Bitcoin treasury company brand is exhausted and offered the term \u201cBitcoin banks.\u201d However, some, including one of the biggest Nakamoto PIPE investors, Jameson Lopp, prefer the term \u201csuitcoins,\u201d reminiscent of a derogatory term \u201cshitcoins,\u201d widely used to describe worthless altcoins.\u00a0<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I propose that, henceforth, all bitcoin associated registered securities be referred to as &#8220;suitcoins.&#8221;<\/p>\n<p>\u2014 Jameson Lopp (@lopp) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/lopp\/status\/1935342513260482869?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">June 18, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>One day after the crash, Bailey expressed a bit of optimism, <a rel=\"nofollow\" target=\"_blank\" target=\"_blank\" href=\"https:\/\/x.com\/DavidFBailey\/status\/1967947519801036856\" rel=\"nofollow\">saying<\/a>, \u201cPrice might be low, but at least we are liquid.\u201d<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">What\u2019s next for Nakamoto?<\/h2>\n<p>Nasdaq has <a rel=\"nofollow\" target=\"_blank\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/nasdaq-considers-stricter-delisting-rules-penny-stocks-2024-08-08\/\" rel=\"nofollow\">strict rules<\/a> for penny stocks. If the stock is traded below $1 for 30 consecutive days, Nasdaq gives the company 180 days to fix the problem. Otherwise, the stock gets delisted. Nakamoto only approached the $1 threshold for a very short time. However, now the company will have to put more effort into keeping its stock price away from the said level.\u00a0<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">You know what\u2019s crazy, is we\u2019ve traded 135m shares over the past 48 hours, even though the entire float was less than 10m shares and the earliest investors could get their PIPE shares was after closing bell yesterday. So you tell me how that works?<\/p>\n<p>\u2014 David Bailey\ud83c\uddf5\ud83c\uddf7 $1.0mm\/btc is the floor (@DavidFBailey) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/DavidFBailey\/status\/1967923769701490794?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">September 16, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>The company\u2019s shares are traded. The retail investor base, at least partially, stayed loyal. It doesn\u2019t seem Nakamoto is going to leave the scene soon. However, if you consider investing in it, you should factor in this recent nosedive and overall risks associated with Bitcoin treasuries whose hype time is gradually getting changed with a slow time.\u00a0 Even the leading company in the sector, Strategy, is facing troubles: its stock price has continued to decline for two months, and the S&amp;P 500 commission snubbed Strategy\u2019s candidacy for addition to the index.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary Nakamoto is one of the most hyped Bitcoin treasury companies spawned in 2025. Despite the media presence, its stock is down around 95% since its all-time high. The major&hellip;<\/p>\n","protected":false},"author":1,"featured_media":214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/11034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=11034"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/11034\/revisions"}],"predecessor-version":[{"id":11035,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/11034\/revisions\/11035"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/214"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=11034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=11034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=11034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}