Nakamoto Inc. (NAKA) Stock Crashes 99% - $23.6 Billion Wiped Out

Nakamoto Inc., formerly KindlyMD, rebranded as a Bitcoin treasury company in early 2026 under CEO David Bailey. The stock peaked at $34.77 in May 2025 and now trades at just $0.226.

What Went Wrong?
The company raised $740M+ through share dilutions and convertible notes to buy 5,398 BTC at an average price near $118,000 per coin. With Bitcoin pulling back, Nakamoto now sits on roughly $270 million in unrealized losses.

Making things worse, Bailey used the already-crashed stock to acquire BTC Inc. (Bitcoin Magazine, Bitcoin Conference) and UTXO Management, both companies he also founded. The deal issued 363.6 million new shares, nearly doubling the total share count and crushing existing shareholders further.

Short seller Jim Chanos called the deal "Theater of the Absurd." Bailey dismissed all criticism as "noise on Twitter."

Key Numbers
All-Time High: $34.77
Current Price: $0.226
Drop: 99.38%
BTC Holdings: 5,398 BTC
Avg BTC Buy Price: ~$118,000
Unrealized Losses: ~$280M
New Shares Issued: 363.6M

Why It Matters
Not every company can replicate MicroStrategy's Bitcoin treasury model. Buying BTC at cycle highs with heavy leverage, diluting shareholders aggressively, and running related-party deals is a recipe for disaster.

This is one of the biggest cautionary tales in crypto corporate history. Always check who benefits when a public company raises billions to buy Bitcoin.