NAKA CEO after 96% decline: 'We’ll get this over with as quickly as possible'
On Monday, thousands of investors joined a social audio space on X to discuss the worst day since David Bailey took Nakamoto (NAKA) public. Its title, NAKA -60%: Is the Bitcoin Treasury Trend Over? , highlighted the stock’s 60% weekend price drop to an all-time low of $1.16. From its all-time high of $34.77 on May 22, its crash to $1.16 this morning marked a 96% decline . Bailey once cheered as his bitcoin (BTC) treasury company traded up to 23 times the value of its BTC holdings. Today, his company’s multiple-to-Net Asset Value or mNAV multiplier has declined 96% — mirroring its share price decline — to 0.82x. Not content with simply becoming another BTC treasury company like Michael Saylor’s Strategy, Bailey promoted Nakamoto as a treasury company of BTC treasury companies . Although early speculators were excited about the multiplying spin of Bailey’s meta-strategy, excitement has evaporated since May. In an increasingly emotional series of tweet...