PANews reported on May 21 that Nakamoto, David Bailey's Bitcoin treasury company, announced a 1-for-40 reverse stock split later this week to regain compliance with Nasdaq's minimum share price requirement of $1. Following the announcement, Nakamoto's stock price initially fell over 17% to $0.14 before recovering to $0.16. The current price is approximately 99.5% lower than its high of $29 last May. The reverse split will reduce the number of outstanding shares from approximately 696 million to 17.4 million.

The company reported a net loss of $238.8 million in the first quarter, primarily due to an unrealized loss of $102.5 million related to Bitcoin prices. The company currently holds 5,058 Bitcoins, valued at approximately $391 million, and sold 284 Bitcoins in the first quarter to raise working capital.