Nakamoto Holdings’ shares sink as $563M PIPE deals trigger massive sell-off

Nakamoto Holdings, a Bitcoin treasury firm led by David Bailey, experienced a massive sell-off causing its stock (NAKA) to drop over 98% from its May high. This collapse was triggered when a large batch of shares from its $563 million private investment in public equity (PIPE) deals, which were sold at a discount to fund Bitcoin purchases, became eligible for sale in September. Despite the stock rout, Nakamoto still holds 5,765 BTC, valued at approximately $653 million, making it the 19th largest public holder. Bailey views the situation as a long-term play and plans to integrate other ventures, including Bitcoin Magazine, into Nakamoto to strengthen its position as a Bitcoin-first conglomerate. The stock is currently trading significantly below the value of its Bitcoin holdings. Separately, fellow Bitcoin treasury firm Metaplanet also announced a $500 million share repurchase program to support its stock price.

(Source：Cointelegraph)