Nakamoto Inc. stock crashes 99% after costly Bitcoin buys and share dilution wipe billions in value

Nakamoto Inc., a company that rebranded to focus on Bitcoin treasury strategy, saw its stock plummet 99.38% from $34.77 to $0.226 per share. The firm raised over $740 million to buy 5,398 BTC at an average price of $118,000 each, resulting in unrealized losses of about $280 million as Bitcoin prices fell. Additionally, a related-party deal issued 363.6 million new shares, nearly doubling the share count and severely diluting existing shareholders. These moves combined to erase roughly $23.6 billion in shareholder value, raising concerns about governance and the risks of replicating Bitcoin accumulation strategies.