Nakamoto's stock hit an all-time low of $4.70 on Thursday, the day after the company completed a 1-for-40 reverse stock split. The move, typically used to boost a falling share price, failed to stem the sell-off. Instead, investors appear to be pricing in a real risk of delisting.
The reverse split that didn't help
The consolidation was supposed to lift the stock above $1, a common threshold for staying listed on major exchanges. Instead, the price kept dropping. At $4.70, Nakamoto now trades well below its pre-split equivalent of about $188 on a split-adjusted basis—a staggering decline. The company effectively shredded three-quarters of its market cap in a single day.
Why the market is skeptical
Nakamoto's performance is dependent on Bitcoin's, but the stock has fallen faster and further than the crypto itself. That suggests more than just sympathy selling. The company's own disclosures acknowledge that the decline reflects market skepticism and potential delisting risks. In plain terms: investors don't believe the reverse split fixed the underlying problem.
Now the company faces the same dilemma it had before the split. A share price that invites delisting. If it slips any further, Nakamoto could trigger forced removal from its exchange. The firm hasn't announced any plan beyond the reverse split—no buyback, no new business line, no pivot. It's just waiting on Bitcoin.
For now, the stock is trading at levels that make it essentially a penny stock. The question is whether Bitcoin can rally enough to pull Nakamoto along with it—or if the company will need another, even more drastic move.
