- Nakamoto (NAKA), a Bitcoin treasury company, has seen its stock value collapse to below half the net asset value.
- The company delayed its quarterly earnings report, citing accounting complexities and reported a $23 million loss on digital assets.
- David Bailey, founder of both Nakamoto and BTC Inc., benefited despite the stock’s steep decline, with BTC Inc. valued at $306 million based on a 10x EBITDA multiple.
- The common stock’s market capitalization dropped from a 23x to under 0.5x multiple of net asset value, with shares down 98% from their May 2025 high.
- While Nakamoto holds 5,765 BTC worth approximately $540 million, its market value is under $300 million, reflecting a significant market discount.
Nakamoto, a publicly traded bitcoin treasury firm led by David Bailey, has experienced a sharp decline in its stock value. The company recently postponed its quarterly earnings report and related SEC filings, attributing the delay to the “complexity of accounting” after recording a loss exceeding $23 million on its digital asset holdings.
Despite holding 5,765 bitcoins valued at around $540 million, Nakamoto’s market capitalization is below $300 million. Its common shares have plummeted from a 23 times multiple of net asset value (mNAV) to under 0.5 times, losing 98% of their value since May 22, 2025. In the past six months, the stock has declined by 95%, with a loss of one-fifth of value in the last month alone.
Among notable developments, Nakamoto replaced the CEO of a company it is acquiring and disclosed plans related to an all-stock deal involving BTC Inc., a private business founded by Bailey. The transaction involves a 10 times earnings multiple (EBITDA, or earnings before interest, taxes, depreciation, and amortization), placing BTC Inc.’s valuation at $306 million based on recent annualized earnings of $30.6 million.
This $306 million valuation contrasts with Nakamoto’s current market cap of $253 million. The all-stock transaction uses a $1.12 per share PIPE price set when NAKA shares were trading much higher, a figure now significantly above the company’s current penny-stock level. Recently, Brandon Greene took over as CEO of BTC Inc., with Bailey moving to chairman and focusing on Nakamoto.
Nakamoto’s steep decline has raised attention due to the market’s heavy discount on its bitcoin holdings and ongoing operational challenges. The company’s struggles include navigating accounting complexities and reassessing acquisition strategies amid a sharp drop in shareholder value.
For further details, refer to the SEC filings and Nakamoto’s dashboard. Additional context on the acquisition and valuation can be found via the PIPE disclosure and BTC Inc. audit announcement.
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