Nakamoto Inc. opened trading at an all-time low of $4.70 on May 22, 2026, the same day its 1-for-40 reverse stock split went into effect. For a company that once traded around $29 to $34 per share in 2025, the new floor price tells a story that no amount of share consolidation can rewrite.
The reverse split, which took effect at 12:01 a.m. ET, collapsed Nakamoto’s outstanding common shares from approximately 696.1 million down to roughly 17.4 million. The ticker symbol NAKA remains unchanged on Nasdaq.
Why the split happened, and why it didn’t help
Nasdaq requires listed companies to maintain a minimum bid price of $1.00 per share. Before the split, Nakamoto shares were trading in a range of $0.17 to $0.22.
Shareholders approved the reverse split at a special meeting on May 8, 2026. Multiply $0.17 by 40, and you get $6.80 as a theoretical post-split price. Multiply $0.22 by 40, and you land at $8.80. The actual opening at $4.70 came in well below both of those figures, meaning selling pressure accelerated right through the transition.
The 99% decline in context
Nakamoto’s stock has fallen more than 99% from its 2025 highs. At its peak, the stock traded in the range of $29 to $34. A $4.70 post-split price, when adjusted for the 40-to-1 consolidation, represents a pre-split equivalent of roughly $0.12 per share.
Nakamoto positions itself as a Bitcoin infrastructure and treasury company, essentially a publicly traded vehicle for holding Bitcoin and building Bitcoin-adjacent businesses across sectors including finance and media.
The company currently holds approximately 5,058 Bitcoin, valued at around $383 million. With roughly 17.4 million shares outstanding post-split, that Bitcoin stash alone represents over $22 per share in underlying asset value.
Governance moves and the road ahead
Alongside the reverse split, Tyler Evans, the company’s Chief Investment Officer, was recently appointed as a director, expanding the board to seven members.
What this means for investors
The stock trading at $4.70 implies the market is either deeply skeptical about the company’s ability to unlock that value, pricing in significant dilution risk, or both.
Traders watching this situation should pay attention to whether the stock can sustain itself above Nasdaq’s $1.00 minimum bid requirement over the compliance period, because another breach would put delisting back on the table. The company’s fate is also tightly coupled to Bitcoin’s performance: if Bitcoin rallies substantially, Nakamoto’s 5,058 BTC treasury becomes an increasingly compelling asset backing, but if Bitcoin stagnates or drops, a company already trading at a fraction of its net asset value has very little margin for error.