Trump Crypto Ally David Bailey’s Nakamoto Shares Plunge More Than 99% From Peak

Shares of David Bailey-led Nakamoto have lost more than 99% of their value from last year’s peak, illustrating the dramatic collapse of the premium investors once placed on publicly traded Bitcoin treasury companies. Nakamoto, formerly healthcare company KindlyMD, became a Bitcoin-focused company after completing its merger with Nakamoto Holdings in August 2025. Its shares surged after the deal was announced in May 2025 as investors embraced a Strategy-style model of raising capital to accumulate Bitcoin.

That enthusiasm has almost completely reversed. Adjusted for Nakamoto’s 1-for-40 reverse stock split in May 2026, its 52-week trading range has extended as high as approximately $659, compared with recent prices in the mid-single digits. The collapse has erased more than 99% of the stock’s peak value even as Nakamoto has transformed itself into a broader Bitcoin operating company.

Bitcoin Treasury Strategy Comes Under Pressure

Nakamoto’s difficulties have been amplified by leverage and falling Bitcoin prices. The company held 4,467 BTC as of June 30, worth approximately $261.5 million at quarter-end. But 3,805 BTC — about 85% of the treasury — were pledged as collateral against debt. Nakamoto reported $164.7 million of debt and just $19.1 million of cash at the end of the second quarter, producing a net-leverage-to-digital-assets ratio of 56%. The company has already been forced to shrink its Bitcoin holdings.