Nakamoto Holdings, a company that holds Bitcoin and is traded on the stock market, is in serious financial trouble. Its stock price has fallen sharply, and a series of losses have worried investors, potentially leading to the company being removed from the stock exchange.
The company’s value has dropped dramatically in under a year, falling from around $24 billion to just $180 million. This represents a loss of approximately $23.3 billion, or about 99.3% of its former value.
Heavy Q4 Mark‑downs
Nakamoto announced a $142.6 million decrease in the value of its digital assets for the last three months of the year. They also reported a $10.8 million loss on their investment in Metaplanet, a company that holds Bitcoin.
The company began 2025 with a clear goal: to create a publicly traded business fully focused on Bitcoin. They achieved this by merging with KindlyMD and grew further through the purchase of BTC Inc and UTXO.
According to CEO David Bailey, the company has created a strong Bitcoin reserve, developed a plan for growing its Bitcoin holdings, and is now a fully functioning business built around Bitcoin, with the resources needed for long-term expansion.
Even with the company’s attempts to present a positive outlook, recent reports have uncovered concerning details about its operations. Analysts at Bull Theory noticed the company sold $20 million worth of Bitcoin for around $70,000 per Bitcoin, despite originally purchasing it at an average price of $118,000 per Bitcoin.
That sale confirmed a loss of about 40% on those bitcoins, and highlighted a key issue: Bitcoin’s current price is significantly lower than what it originally cost to acquire, which is reducing the company’s assets while debts and financial arrangements still need to be covered.
Financing Fragility At Nakamoto
The company’s way of financing its operations has also made it more susceptible to risk. When it first started, Nakamoto received $510 million through a private investment, and another $200 million through secured convertible notes.
In December 2025, the company borrowed $210 million from the cryptocurrency exchange Kraken, using Bitcoin as collateral. However, the value of that Bitcoin has since dropped to about 40% below what the company originally paid for it. This decline puts the company at risk of financial difficulties if Bitcoin prices don’t recover.
Nakamoto’s stock has been trading for under $1 for over a month, which violates Nasdaq’s rules for continued listing. Unless this is fixed, the company is likely to be removed from the Nasdaq exchange on June 8, 2026.
Being delisted from the exchange would make it even harder for Nakamoto to raise money and could lead to fewer people buying and selling its shares, potentially creating a downward spiral.
When a company’s stock performs poorly, it becomes harder to attract investors or raise capital. This restricts its ability to strengthen its finances or purchase more Bitcoin at lower prices, ultimately weakening the core benefit of the strategy that Nakamoto has been using.
As a crypto investor, here’s how I see it: the whole strategy of companies holding Bitcoin as a treasury asset really hinges on a few key things. First, they need to have bought Bitcoin when the price was low enough to make this worthwhile. Second, their stock price needs to be doing well so they can raise more money if needed. And finally, they need to consistently be able to get financing. If any of those things fall apart, the whole model gets shaky.
If any of these key factors fail, the company could quickly fall apart. In Nakamoto’s case, all three are struggling: Bitcoin’s value is far below what the company paid for it, the company’s overall worth has plummeted, and it’s nearly impossible to get new funding due to the risk of being removed from stock exchanges.
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2026-04-01 00:43