Nakamoto sold 284 BTC to “keep the lights on,” the company revealed in its first-quarter results — a stark snapshot of how far the crypto-treasury playbook has fallen for some firms. Key numbers and moves - On March 31 Nakamoto liquidated 284 Bitcoin to cover operating expenses. - Q1 net loss: $238 million. About $102 million of that loss came from a 20% drop in Bitcoin’s price during the quarter that hit the value of the company’s holdings. - Revenue rose roughly 500% quarter-over-quarter, but gains were overwhelmed by the writedowns and other losses. - Bitcoin on the balance sheet: 5,058 BTC — the 20th-largest corporate holding worldwide, just behind ProCap Financial. MicroStrategy, led by Michael Saylor, remains the largest corporate holder with more than 843,000 BTC. Fighting to stay on Nasdaq Nakamoto now faces an immediate, non-cryptographic battle: remaining listed on Nasdaq. The exchange warned the company last December after its share price traded below $1 for 30 consecutive trading days. The compliance deadline is June 8. To meet listing requirements, shareholders approved a 1-for-40 reverse stock split that takes effect May 22, 2026. That will consolidate every 40 shares into one and cut the share count from about 696 million to roughly 17.4 million. The split doesn’t change the company’s market capitalization — it simply boosts the per-share price to try to clear Nasdaq’s listing threshold. Market reaction Nakamoto’s stock remains deeply depressed. It closed at $0.16 on Wednesday, down about 7.5% for the day and more than 99% below its price a year ago. The reverse split is a cosmetic fix that could buy time, but it does not address the underlying issue of liquidity and the impact of volatile crypto prices on a treasury model. Wider industry context Nakamoto’s challenges echo a broader slowdown in crypto treasury companies since 2025. Many are trading below the value of the crypto on their books and some have begun liquidating Bitcoin to service debt and cover costs. For example, Genius Group sold its entire 84 BTC reserve in February to reduce liabilities. Bottom line What began as aggressive BTC accumulation for value play has, for Nakamoto, shifted into defensive selling and corporate restructuring. Whether a reverse split and short-term asset sales will be enough to stabilize the company — and restore investor confidence — remains uncertain amid ongoing market pressure on crypto treasuries.
Nakamoto Sells 284 BTC to Cover Q1 Losses, Faces Nasdaq Delisting
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Summary
Nakamoto sold 284 BTC to cover Q1 losses as BTC price remains under pressure. The firm reported a $238 million net loss and now faces Nasdaq delisting after 30 days below $1. Shareholders approved a 1-for-40 reverse split, effective May 22, 2026. Nakamoto’s stock closed at $0.16, down 7.5% on the day. The company holds 5,058 BTC, ranking 20th globally. Altcoins to watch may gain attention as investors seek alternatives amid market volatility.
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