- Nakamoto (NAKA) shares fell 60% over the weekend, hitting a record low of $1.16.
- The stock’s total drop from its all-time high of $34.77 in May now stands at 96%.
- David Bailey, CEO, acknowledged mental health challenges as the company’s value fell.
- Initial private placements were priced as low as $1.12 per share, significantly under market highs at launch.
- Prominent crypto figures, including Jameson Lopp and Adam Back, were early investors in NAKA.
On Monday, thousands of investors joined an audio discussion on X to address a dramatic weekend drop in Nakamoto (NAKA) shares. The stock experienced a 60% decline, falling to a new low of $1.16 as the market reacted to ongoing uncertainty.
From its May peak of $34.77, NAKA has lost 96% of its value. The company’s market value—which once traded at 23 times the amount of its Bitcoin holdings—now reflects a multiplier of just 0.82, a significant retreat from previous highs. This downturn prompted CEO David Bailey to share updates with investors and publicly acknowledge the challenging situation.
Bailey addressed investors through a series of posts on X. He explained he had taken time for his mental health and told the community, “The only way out is through. We’ll get this over with as quickly as possible.” Bailey also referred to the ongoing sell-off as “upgrading our shareholder base” and encouraged long-term investors to weather the volatility.
The sharp movement follows Nakamoto’s business combination with KindlyMD, a healthcare company that enabled NAKA to list publicly. Although shares opened at $28.51 after the announcement on May 12, private placement subscription deals had previously been priced as low as $1.12 per share. Many retail investors paid as much as $31.45 when trading began, often unaware of these lower pre-existing agreements.
Early backers of NAKA private placements include well-known industry figures such as Jameson Lopp, Balaji Srinivasan, Adam Back, and Mark Yusko. The company also has additional equity deals pending with related entities like UTXO Management, which could affect share prices later this year.
Earlier in the year, Bailey stated, “We raised $710 million in one of the largest financings in the history of our industry.” When NAKA shares were at their peak, he added, “I can feel the stampede building, the FOMO is very real.” As of now, many early retail investors have suffered significant losses due to the stock’s rapid decline and the intense speculation that followed the public debut.
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