Nakamoto pursues reverse stock split after 99% drop from peak

Nasdaq-listed Nakamoto (NAKA), a company strategically accumulating Bitcoin, is pursuing a reverse stock split to maintain its listing, CoinDesk reported. A reverse split reduces the number of outstanding shares to increase the price per share. The move comes as the recent Bitcoin price correction has led to a corresponding decline in the stock prices of major BTC-holding companies, increasing financial pressure across the sector. Nakamoto recently sold approximately 5% of its Bitcoin holdings and currently holds 5,058 BTC. The company's stock is down about 99% from its peak in May of last year.