Bitcoin treasury Nakamoto plans reverse stock split to save ailing share price

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Source: Nakamoto Nakamoto shareholders approved a reverse split ratio range of 1-for-20 to 1-for-50 at a special meeting on May 8. The shares are expected to undergo the change on Friday, according to Nakamoto. The company announced its first-quarter financial results on May 14, recording a 500% quarter-over-quarter increase in revenue but a $238.8 million net loss, with more than $102 million attributed to a mark-to-market loss on its 5,058 Bitcoin (BTC) treasury after the cryptocurrency fell 23% during the quarter. Related: Tether buys SoftBank’s stake in Bitcoin company Twenty One Capital Most Bitcoin treasury companies, aside from Strategy and Metaplanet, have slowed Bitcoin buying over the past 12 months, while others have started tapping their Bitcoin treasuries to pay off debt. The Genius Group liquidated its entire treasury holdings of 84 Bitcoin in February to help pay debts. Nakamoto didn’t buy any Bitcoin during the quarter but sold 284 Bitcoin on March 31 to cover operational expenses. Nakamoto’s current holdings make it the 20th largest Bitcoin treasury company according to BitcoinTreasuries.Net, just behind ProCap Financial, which holds 5,457 Bitcoin. The leading treasury is Michael Saylor’s firm Strategy, with more than 843,000 Bitcoin on its balance sheet. Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4-year cycles More on the subject

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