Nakamoto, a digital asset company known for its Bitcoin-focused treasury approach, has seen its shares plunge by approximately 99% from their highest levels, reflecting growing challenges for firms dependent on holding large reserves of Bitcoin in publicly traded vehicles. David Bailey, Nakamoto CEO, raised roughly $760 million for the company in 2025, using the capital to fuel a strategy centered on holding Bitcoin as a corporate treasury asset. However, after an initial surge following Nakamoto’s merger announcement in May 2025, the company’s stock lost nearly all of its gains, dropping over 99% from its peak value, according to The Block and Bloomberg.