Nakamoto collapses 99% as Bitcoin treasury model comes under pressure

Bitcoin treasury company Nakamoto $NAKA has fallen roughly 99% from its peak as its market value drops below the value of its Bitcoin holdings.
The discount creates a major problem for the treasury strategy because issuing new shares becomes a less attractive way to raise capital for additional $BTC purchases.
The company reportedly posted approximately $372 million in losses during the first half of 2026 and sold $20 million of Bitcoin at a loss to fund operations. It has also completed a 1-for-40 reverse stock split.
Nakamoto is now shifting toward cash-generating businesses and prioritizing share repurchases over further Bitcoin accumulation, illustrating the risks treasury companies face when their equity premium disappears and the underlying crypto asset performs poorly.