NAKA Bitcoin Treasury Crashes 99% as Nasdaq Delisting Looms

Published: 2026-03-31 21:46:55 |

Bitcoin treasury firm Nakamoto Holdings (NAKA) is spiraling after a near-total equity wipeout and rising Nasdaq delisting risk. The stock collapsed ~99% from a May peak near $25 to about $0.39. NAKA is now non-compliant after trading below the $1 minimum bid price for 30+ consecutive business days, triggering a 180-day Nasdaq compliance period that ends June 8, 2026. To avoid delisting, NAKA must close above $1 for at least 10 consecutive trading days. In its Q4 reporting, NAKA posted a $142.6M fair-value loss on digital-asset holdings, plus a $10.8M investment loss tied to Metaplanet. Separately, Bull Theory highlighted that NAKA sold roughly $20M of Bitcoin around a ~$70,000 average price versus an original cost basis near ~$118,000, illustrating how a weaker Bitcoin price can erode the treasury model. Financing fragility is compounding the situation. NAKA raised $510M via PIPE and $200M in convertible notes at launch, and later refinanced with a $210M Bitcoin-backed Kraken loan (Dec 2025). With the stock under $1, the PIPE-related share resale overhang and ongoing supply pressure can weigh on sentiment. Traders should treat the Nasdaq delisting timeline and potential liquidity drain as near-term risk factors, even with a sizable BTC treasury as a buffer.

Bearish

This news is bearish for BTC only in the sense that it highlights near-term selling/treasury drawdown risks from a large Bitcoin-hoarding equity. NAKA’s ongoing Nasdaq delisting threat (compliance window ending June 8, 2026) increases the odds of forced liquidity management, while prior PIPE/convertible structures can create sustained share overhang and negative sentiment toward the treasury model. The reported Q4 fair-value losses and the disclosed BTC selling below cost basis reinforce that when BTC weakens, treasury valuations can deteriorate and pressure can intensify. In the short term, headlines around compliance and liquidity can amplify risk-off behavior that weighs on BTC; longer term, unless BTC price recovery meaningfully restores treasury economics, similar funding-and-valuation feedback loops can keep selling pressure elevated. Overall, the dominant impact is downside-driven volatility and liquidity concerns tied to a Bitcoin-treasury holder, which tends to be bearish for BTC trading flows.