🔥 BRUTAL: A Bitcoin treasury company backed by one of Trump's closest crypto allies has COLLAPSED 99% from its peak.
David Bailey raised roughly $760 MILLION for Nakamoto to accumulate Bitcoin.
Now the model has broken down.
$NAKA trades below the value of its Bitcoin holdings, making it much harder to issue shares to buy more BTC.
The company has since:
- Posted roughly $372M in losses in H1 2026
- Sold $20M of Bitcoin at a loss to fund operations
- Executed a 1-for-40 reverse stock split
- Shifted toward buying cash-generating businesses
- Prioritized buying back its own shares over buying more Bitcoin
Bailey summed up the problem himself:
“We bought Bitcoin at the top, and then Bitcoin performed very poorly.”
1September 3, 2026 58 4
