The stock of Bitcoin treasury company Nakamoto (NAKA) fell over 10% on Wednesday, continuing a steep decline that has seen its value drop roughly 67% this year. The drop follows a 1-for-40 reverse stock split the company executed to comply with Nasdaq’s minimum share price requirements and avoid delisting. While the broader Bitcoin treasury sector has struggled since 2025, Nakamoto has significantly underperformed larger competitors like MicroStrategy and Strive Asset Management.
Nakamoto stock is trading down more than 10% this week. This decline comes just days after the company completed a 1-for-40 reverse stock split to maintain its Nasdaq listing.
The reverse split reduced outstanding shares to about 17.4 million from roughly 696 million. Nasdaq had warned the company in December of potential delisting after its shares traded below $1 for over 30 consecutive days.
NAKA shares are down approximately 67% year-to-date. They have fallen more than 99% from a peak near $34 per share in May 2025.
The downturn aligns with a broader sector slump that began in 2025. However, Nakamoto has underperformed leading firms like MicroStrategy, Twenty-One Capital, and Strive Asset Management.
MicroStrategy is up about 2.5% year-to-date, trading around $155 per share. Strive is also positive, up over 20% year-to-date and trading near $17.72.
Twenty-One Capital is down more than 17% year-to-date, trading at about $7.26 per share. Analysts at venture firm Pantera Capital forecast consolidation for the digital asset treasury space in 2026.
“2026 will see brutal pruning. In each major asset class, only one or two players will dominate. Everyone else gets acquired or left behind,” Pantera analysts stated in January.
