The post Bitcoin treasury Nakamoto down 98% — still pays David Bailey lavishly appeared on BitcoinEthereumNews.com. David Bailey’s publicly-traded bitcoin (BTC) treasury company, Nakamoto (NAKA), has crashed so low that its investors are measuring its multiple-to-Net Asset Value (mNAV) in fractions. The once-high flyer, which just delayed its quarterly earnings report and associated SEC filings, has complained about “complexity of accounting” after losing over $23 million on digital assets, replaced a CEO at a company it is acquiring, and admitted that it had originally planned to pay a lavish, 10x multiple for one of Bailey’s private businesses, BTC Inc. Meanwhile, the common stock that everyone else owns has plummeted from a 23x mNAV to under 0.5x with shares 98% below their high on May 22, 2025. Despite holding 5,765 BTC worth about $540 million in its so-called treasury, Nakamoto’s market capitalization is less than $300 million. Its common stock has lost one-fifth of its value within the last month and 95% of its value over the past six months. The winner amid the downfall is Bailey himself. The common stock has plummeted from a 23x mNAV to under 0.5x with shares 98% below their high. A $306 million valuation for BTC Inc. Bailey founded BTC Inc. which is set to benefit from an all-stock windfall from Nakamoto. Once cheaply priced at $1.12 per share when NAKA shares were soaring in the $30s, the $1.12 peg for Bailey’s all-stock deal with BTC Inc. is now richly above NAKA’s penny stock valuation. Somehow, Bailey originally convinced KindlyMD — the public company that provided the NAKA shares for Nakamoto to trade on the Nasdaq — to pay “an industry standard multiple, not to be less than 10, of the earnings before interest, taxes, depreciations, and amortization (EBITDA) of BTC and its subsidiaries.” That 10x multiple equals a lavish $306 million based on BTC Inc.’s most recently annualized $30.6 million… The post Bitcoin treasury Nakamoto down 98% — still pays David Bailey lavishly appeared on BitcoinEthereumNews.com. David Bailey’s publicly-traded bitcoin (BTC) treasury company, Nakamoto (NAKA), has crashed so low that its investors are measuring its multiple-to-Net Asset Value (mNAV) in fractions. The once-high flyer, which just delayed its quarterly earnings report and associated SEC filings, has complained about “complexity of accounting” after losing over $23 million on digital assets, replaced a CEO at a company it is acquiring, and admitted that it had originally planned to pay a lavish, 10x multiple for one of Bailey’s private businesses, BTC Inc. Meanwhile, the common stock that everyone else owns has plummeted from a 23x mNAV to under 0.5x with shares 98% below their high on May 22, 2025. Despite holding 5,765 BTC worth about $540 million in its so-called treasury, Nakamoto’s market capitalization is less than $300 million. Its common stock has lost one-fifth of its value within the last month and 95% of its value over the past six months. The winner amid the downfall is Bailey himself. The common stock has plummeted from a 23x mNAV to under 0.5x with shares 98% below their high. A $306 million valuation for BTC Inc. Bailey founded BTC Inc. which is set to benefit from an all-stock windfall from Nakamoto. Once cheaply priced at $1.12 per share when NAKA shares were soaring in the $30s, the $1.12 peg for Bailey’s all-stock deal with BTC Inc. is now richly above NAKA’s penny stock valuation. Somehow, Bailey originally convinced KindlyMD — the public company that provided the NAKA shares for Nakamoto to trade on the Nasdaq — to pay “an industry standard multiple, not to be less than 10, of the earnings before interest, taxes, depreciations, and amortization (EBITDA) of BTC and its subsidiaries.” That 10x multiple equals a lavish $306 million based on BTC Inc.’s most recently annualized $30.6 million…

                                                                               Crypto venture funding was weak in November, with only a few major raises driving totals, as overall deal activity reached one of its lowest points this year.                     Venture capital funding in the cryptocurrency sector remained muted in November, continuing a broader slowdown that has persisted through late 2025. Deal activity was once again concentrated in a small number of large raises by established companies.As Cointelegraph previously reported, the third quarter saw a similar pattern: total funding climbed to $4.65 billion, according to Galaxy Digital, but deal counts lagged as capital flowed primarily to bigger, more mature firms.November reflected the same divergence. Figures from RootData showed only 57 disclosed crypto funding rounds during the month — one of the weakest tallies of the year — despite headline-grabbing raises such as Revolut’s $1 billion round and Kraken’s $800 million raise ahead of its anticipated initial public offering.Read more