Nakamoto (NAKA) is asking shareholders to approve a reverse stock split between 1-for-20 and 1-for-50 to lift its ~$0.22 share price after an approximate 99% decline since May 2025 and avoid Nasdaq delisting for failing to meet the $1 minimum bid. The company recently sold about 5% of its bitcoin holdings, leaving 5,058 BTC, and filed a Form S-3 registering more than 400 million shares for potential resale. It also has a shelf registration for roughly $7 billion and an ATM program of about $5 billion, creating significant potential selling overhang. The actions come as BTC spot fell from over $126,000 in October to roughly $70,000, putting pressure on bitcoin treasury firms.

Requesting a 1-for-20 to 1-for-50 reverse split to meet Nasdaq's $1 minimum after a ~99% share-price collapse and recent sale of ~5% of BTC holdings (leaving 5,058 BTC) are concrete, company-level actions that increase downside pressure. The Form S-3 registration for 400M+ shares plus ~ $7B shelf and ~$5B ATM programs create clear potential dilution/selling overhang, which is directly relevant to near-term trading decisions.