Nakamoto shares plunge 99% from peak as company pivots to acquisitions

Nakamoto Inc., the Bitcoin treasury company that emerged from a merger with healthcare firm KindlyMD barely a year ago, has watched its stock lose roughly 99% of its value from a May 2025 peak of $34.77 per share. That translates to approximately $23.6 billion in erased market capitalization. Now, under the leadership of David Bailey, a prominent crypto figure and Trump ally, the company is scrambling to reinvent itself through acquisitions and diversification. From healthcare company to Bitcoin vault Nakamoto Inc. didn’t start life as a crypto play. The company began as KindlyMD before merging with Nakamoto Holdings in August 2025 to create a publicly traded Bitcoin-focused vehicle. The company raised approximately $760 million through PIPE financings, which it used to acquire around 5,398 BTC at an average cost of roughly $118,000 per coin. Shares peaked at $34.77 in May 2025. By September 2026, NAKA stock was trading below the fair value of its underlying Bitcoin holdings. The Nasdaq compliance scramble Nakamoto executed a 1-for-40 reverse stock split in May 2026 to prop up its bid price. More consequentially, Nakamoto reported selling approximately 600 BTC to repay loans and re...