Nakamoto Holdings Plunges 54% as Bitcoin Model Loses Market Confidence

Nakamoto Holdings just got a brutal reality check—tumbling 54% as investors flee its controversial Bitcoin strategy.

Market Exodus

Traders are dumping Nakamoto shares at record pace, questioning the firm's ability to deliver sustainable returns in volatile crypto markets. The massive selloff reflects growing skepticism about their Bitcoin-centric approach.

Core Issues

The company's heavy reliance on Bitcoin mining and trading backfired spectacularly. When Bitcoin stagnates, so does Nakamoto—and Wall Street's patience wore thinner than a satoshi.

Broader Implications

This isn't just about one firm crashing. It signals deeper market concerns about pure-play crypto investments lacking diversification. Traditional finance sharks are circling—ready to feast on another 'disruptive' model that couldn't handle real-world volatility.

Nakamoto's epic collapse serves as a stark reminder: in crypto, even the biggest names can evaporate faster than a memecoin pump. Maybe next time they'll hedge beyond 'just HODL'—but Wall Street won't hold its breath.

In brief

• Nakamoto Holdings’ stock collapses despite significant bitcoin reserves not valued by the market.
• Its mNAV² BTC accumulation model raises skepticism and concerns over its real viability.

A capitalization below the bitcoin reserves

Within 24 hours, the shares of the bitcoin treasury company bitcoin Nakamoto Holdings. More precisely, they now trade around $1.26. This represents a loss of over 90% since its peak at the end of August.

One figure particularly catches investors’ attention: the mNAV ratio, which currently stands at 0.75. It reflects Nakamoto’s market value relative to its 5,765 bitcoin reserves, estimated at $663 million.

Currently, the market values the company below its assets. This misalignment is amplified by KindlyMD’s rapid transformation (formerly a medical company) into a crypto financial player. That’s not all! Generally, mNAV ratios close to 1 also signal.

According to Grayscale, the drop in Nakamoto shares reflects a broader trend. The fact is that investors no longer pay a premium to access digital assets via listed shares. Added to this is the rapid emergence of DATs (Digital Asset Treasuries) which seems to be reaching its limits.

Still young, this model will have to prove its viability against traditional market requirements. And precisely, the Nakamoto case might well become.

An atypical and risky strategy

Nakamoto adopts acalled mNAV². It consists of recycling the issuance premiums of its shares to strengthen its bitcoin reserves, without direct dilution. This stance opposes that of Strategy and Metaplanet. These rely on debt or massive issuances of securities.

More concretely, Nakamoto bets on future valuation. In case of a new drop, David Bailey mentions the possibility of. A measure viewed as defensive, in a context where no operational revenue supports growth!

The current Nakamoto case thus revives the debate on using bitcoin as a treasury asset. As finance explores the potential of this cryptocurrency, the balance between speculation, governance, and transparency becomes more strategic than ever.

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