Nakamoto Holdings Stock Plummets Over 98% Amidst Market Decline

Nakamoto Holdings, a Bitcoin treasury firm, experienced a dramatic stock decline of over 98%, plummeting from its May high of $25 to around $0.9480 on the Nasdaq exchange. This follows a $563 million PIPE (privately-placed equity) financing deal that saw shares become eligible for resale in September. Investors then executed significant sell orders, contributing to the stock’s steep drop. The company is led by CEO David Bailey, also the head of Bitcoin Magazine. The firm, which operates as a Bitcoin treasury entity, recently merged with Utah-based KindlyMD earlier this year.